Congress Must Fix The AML Whistleblower Law

Law360 (January 13, 2021, 6:38 PM EST) -- On Jan. 1, historic reforms of anti-money laundering, or AML, rules became the law of the land as a result of Congress' override of President Donald Trump's veto of the National Defense Authorization Act.[1] Part of the massive NDAA bill was the AML Act of 2020, a law that includes a whistleblower reward law.

At first blush, this new law appears to be modeled on the highly successful reward provisions of the Dodd-Frank Act.[2] Unfortunately, the similarities between the AML whistleblower law and the Dodd-Frank Act illusionary. The new law will not work in practice and needs to be corrected by...

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