The rule is still a proposal, so no awards can be paid until a final rule is issued. The timing of finalization has not been set. Whether the final rule keeps the 120-day waiting period and the current scope of confidentiality protections is unresolved. Advocates including the National Whistleblower Center have called those confidentiality protections weak. The proposal largely mirrors the SEC's Dodd-Frank whistleblower program, which FinCEN had lacked a predictable award structure to match. Its coverage extends beyond banks to companies with sanctions exposure, and it does not require a whistleblower to be a U.S. person.
For compliance and enforcement counsel at financial institutions and other regulated companies, the practical risk is that internal problems may reach FinCEN directly, not just through Suspicious Activity Reports. Companies should review how internal reports are escalated, documented, and resolved, since the 120-day window affects when insiders become eligible to report. Anti-retaliation protections also warrant review of employment and termination practices involving compliance staff. Counsel should track the final rule and the comment record, which will show how the 120-day wait and confidentiality terms are revised.