Do I Need to Hire a FinCEN Whistleblower Attorney?

Learn What You Need to Know About Hiring an Attorney to File a Whistleblower Complaint with FinCEN

The Financial Crimes Enforcement Network (FinCEN) accepts whistleblower cases involving Bank Secrecy Act violations, anti-money laundering violations, tax fraud, and a wide range of other civil and criminal offenses. Whistleblowers play an important role in helping FinCEN hold financial institutions and other entities accountable, and those who help FinCEN recover more than $1 million through successful enforcement actions are entitled to whistleblower awards.

5 Important Reasons to Talk to a Whistleblower Attorney Before Contacting the Financial Crimes Enforcement Network (FinCEN)

If you are thinking about reporting Bank Secrecy Act violations, money laundering activities, sanctions evasion, or any other form of wrongdoing to FinCEN, you are not required to hire an attorney to represent you—and you can even remain anonymous if you choose to do so. With that said, there are several important reasons to work with an experienced FinCEN whistleblower attorney both before and during the process.

Some of the reasons why you should consult with an attorney before contacting FinCEN include:

1. You Need to Know Whether You Qualify to Serve as a FinCEN Whistleblower

First and foremost, you need to determine whether you qualify to serve as a FinCEN whistleblower. Simply contacting FinCEN with information about a suspected violation of the law is not enough. FinCEN whistleblowers must meet specific requirements to qualify for both whistleblower protections and financial rewards.

2. If You Qualify, You Need to Make an Informed Decision About Coming Forward

If you qualify to serve as a FinCEN whistleblower, you must make an informed decision about whether to come forward. This requires careful consideration of several factors, including the strength of the information in your possession and the likelihood that FinCEN will open an investigation.

3. You Should Disclose All Violations About Which You Have Information

If you decide to come forward, you will want to disclose all violations about which you have information. Along with the Bank Secrecy Act (BSA) and Anti-Money Laundering Act (AMLA), this could include violations of other federal anti-money laundering laws, the Internal Revenue Code (IRC), International Emergency Economic Powers Act (IEEPA), Trading with the Enemy Act (TWEA), and other sanctions laws.

4. It Could Make More Sense to Contact a Different Federal Agency

Along with FinCEN, many other federal executive agencies have whistleblower programs as well. Depending on the specific information you have in your possession, it could make more sense to contact the Internal Revenue Service (IRS), U.S. Securities and Exchange Commission (SEC), U.S. Commodity Futures Trading Commission (CFTC), U.S. Department of Justice (DOJ), or another government agency instead.

5. Your Attorney Can Explain Everything You Need to Know About Serving as a Whistleblower

Whether it makes sense for you to come forward under the FinCEN whistleblower program or another federal whistleblower program, your attorney can explain everything you need to know about serving as a whistleblower. This includes everything from the definition of “independent analysis” to how FinCEN and other agencies calculate successful whistleblowers’ financial incentives based on the total monetary sanctions collected.

5 Important Reasons to Work with an Attorney When Filing Under FinCEN’s AML Whistleblower Program

Once you commit to coming forward under FinCEN’s AML whistleblower program, there are several important reasons to continue working with an attorney as you navigate the process. These reasons include, but are not limited to:

1. An Experienced Whistleblower Attorney Will Be Able to Communicate with FinCEN Effectively on Your Behalf

The federal laws and regulations that require financial institutions to file suspicious activity reports and report money laundering through other means are extremely complex. The same is true of the federal laws that apply in cases involving illicit financial transactions, sanctions violations, terrorist financing, and other forms of financial wrongdoing. An experienced whistleblower attorney will be able to effectively communicate about the legal issues involved in your case on your behalf.

2. When You Report Money Laundering or Other Financial Wrongdoing, This is Just the Start of the Process

As a FinCEN whistleblower, reporting money laundering or other financial wrongdoing is just the start of the process. Once you file your whistleblower claim, your attorney will be able to advise and represent you as the case moves forward, and your attorney will be able to help you report violations that you may discover after filing your initial report as well.

3. FinCEN Expects Whistleblowers to Assist with Uncovering Anti-Money Laundering and Sanctions Violations

While you are not required to assist FinCEN beyond filing your initial whistleblower tip, FinCEN expects whistleblowers to provide additional assistance during its investigation—and it incentivizes anti-money laundering whistleblowers to do so. Here too, your attorney can work with FinCEN on your behalf, helping you understand your role in the investigation and make informed decisions about your involvement.

4. Your Attorney Can Help Enforce the Rights and Protections Afforded to Money Laundering Whistleblowers and Others

Whistleblowers who report AML violations and other financial crimes and compliance failures are entitled to confidentiality and anti-retaliation protections under federal law. As discussed above, FinCEN whistleblowers can become eligible to receive financial rewards when their tips lead to the recovery of financial sanctions in excess of $1 million. Your attorney can assist with enforcing your rights and protections as necessary.

5. Your Attorney Can Assist with Calculating and Obtaining Your Financial Reward if You Become Eligible to Receive One

If you become eligible to receive a whistleblower reward from FinCEN, your attorney can also assist with calculating and collecting your reward. Rewards for reporting money laundering activities and other violations to FinCEN can range from 10% to 30% of the amount recovered in excess of $1 million. Corporate whistleblowers can—and should—play a role in determining their award amount, and this, too, requires in-depth knowledge of the pertinent federal statutes.

Important Factors to Consider When Choosing a FinCEN Whistleblower Law Firm

When hiring an attorney as a prospective whistleblower, your choice of legal representation matters. Here are some important factors to consider when choosing a FinCEN whistleblower law firm:

• Experience Working with FinCEN – You will want to choose a law firm that has experience working with FinCEN on behalf of its whistleblower clients. Our law firm represents domestic and international whistleblowers in these cases.
• Experience with Other Whistleblower Programs – As noted above, while filing a whistleblower complaint with FinCEN may be an option in your case, it could also make sense to file under the IRS, CFTC, DOJ, or SEC whistleblower program.
• Familiarity with All Pertinent Statutes and Regulations – As also noted above, when coming forward as a whistleblower, it is important to disclose all violations about which you have pertinent information.
• Familiarity with the Financial Markets – Understanding the implications of pertinent statutory and regulatory violations also requires in-depth familiarity with the U.S. financial system and financial markets.
• Immediate Availability and Clear Communication – If you are eligible to serve as a FinCEN whistleblower, it will be important for you to promptly make informed decisions about your next steps.

FAQs: Working with a FinCEN Whistleblower Attorney

Our Attorneys Have Experience Representing Whistleblowers Nationwide

If you would like to know more about our federal whistleblower practice, we invite you to get in touch. To speak with a senior FinCEN whistleblower attorney at Oberheiden P.C. in strict confidence, please call 888-680-1745 or request a free consultation online today.

Further Information About Our FinCEN Whistleblower Lawyer Services

• FinCEN Whistleblower Lawyers
• Who Can Serve as a FinCEN Whistleblower?
• FinCEN Whistleblower Program
• FinCEN Whistleblower Award