The U.S. Department of Justice launches a whistleblower reward program to combat corporate crime, including crypto

On August 3, the US Department of Justice (DOJ) has launched a pilot program for corporate whistleblowers to encourage reporting of corporate criminal activity. The three-year program (effective August 1) targets financial institutions, including cryptocurrency companies, to strengthen investigations and prosecutions of corporate crimes. Whistleblowers who provide non-public information that leads to the seizure of more than $1 million are eligible for rewards.Qualifying illegal activities include money laundering, overseas corruption, domestic bribery, and healthcare fraud. The program is managed by the Criminal Division's Money Laundering and Asset Recovery Section and emphasizes the importance of robust corporate compliance programs. To be eligible for rewards, whistleblowers must provide truthful, voluntary, and complete information and fully cooperate with DOJ investigations. Companies that voluntarily self-disclose within 120 days of receiving an internal whistleblower report and take action before DOJ contact can receive a presumption of declination to prosecute under the Corporate Enforcement Policy.