View Rule

View EO 12866 Meetings Printer-Friendly Version     Download RIN Data in XML

TREAS/FINCEN RIN: 1506-AB57 Publication ID: Spring 2022 
Title: Section 6314. Updating Whistleblower Incentives and Protection 
Abstract:

FinCEN intends to issue a Notice of Proposed Rulemaking relating to Section 6314 of the Anti-Money Laundering Act of 2020 (the AML Act). Section 6314 of AML Act amends Section 5323 of title 31, United States Code. Section 6314, enacted on January 1, 2021, established a whistleblower program that requires FinCEN to pay an award, under regulations prescribed by FinCEN and subject to certain limitations, to eligible whistleblowers who voluntarily provide FinCEN or the Department of Justice (DOJ) with original information about a violation of the Bank Secrecy Act that leads to the successful enforcement of a covered judicial or administrative action, or related action, and requires that FinCEN preserve the confidentiality of a whistleblower.

Additionally, Section 6314 of AML Act repealed 31 U.S.C. 5328, the previous whistleblower protection provision, and replaced it with a new subsection to 31 U.S.C. 5323: subsection (g) Protection of Whistleblowers. The new subsection (g) prohibits retaliation by employers against individuals that provide FinCEN or the DOJ with information about potential Bank Secrecy Act violations; any individual alleging retaliation may seek relief by filing a complaint with the Department of Labor.

 
Agency: Department of the Treasury(TREAS)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: Undetermined  Unfunded Mandates: No 
CFR Citation: 31 CFR ch. X     (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: 12 U.S.C. 1829b    12 U.S.C. 1951 to 1959    31 U.S.C. 5311 to 5314    31 U.S.C. 5316 to 5336   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  08/00/2022 
NPRM Comment Period End  10/00/2022 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
FinCEN Regulatory Support Section
Department of the Treasury
Financial Crimes Enforcement Network
P.O. Box 39,
Vienna, VA 22183
Phone:800 767-2825
Email: frc@fincen.gov