LOOSE LIPS
Uncle Sam wants you to snitch. You'll even get paid big for it.
Uncle Sam Wants You To Snitch. You’ll Even Get Paid Big For It.
Banks and everyday Americans can cash in if they report fraud, Treasury Secretary Scott Bessent explained on Monday. The Treasury Department issued an advisory to banks pushing them to monitor accounts more closely for suspicious activity, saying, “They’re the frontline in identifying financial fraud when nonprofits, whether its daycare centers, hospice care, start wiring big round numbers out, that’s a problem. There are large multi-national criminal organizations that are doing healthcare fraud, so we are all hands on deck.” The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) works with financial institutions to detect suspicious activity under a rule requiring the reporting of transactions of $2,000 or more that appear to follow suspicious patterns. Bessent said “suspicious activity reports” are up 20% this year. Whistleblowers, whether they are institutions or individuals, whose tips lead to enforcement actions could receive awards ranging from 10 to 30 percent of the fines collected as a result of their information. Bessent said the program is looking for...
