Banks With Russia Ties Targeted by US Treasury Whistleblowers

A US law passed after Russia invaded Ukraine has given a boost to a flawed Treasury Department program that lawyers claimed deterred whistleblowers from providing tips on the role of banks in sanctions and anti-money laundering violations.

As a result, Treasury’s Financial Crimes Enforcement Network, or FinCEN, has gotten more than 100 whistleblower submissions over a three-week period this year, according to people familiar with the matter. The agency fielded just 100 tips in the program’s first two years and made no payments to whistleblowers.

Under the law enacted Dec. 29, whistleblowers can report violations of economic sanctions like those ...