US banks should be braced for a wave of whistleblower complaints after a record $200m award offered a reminder that regulators can pay to expose corporate wrongdoing.
The payout to a former Deutsche Bank employee from the Commodity Futures Trading Commission will garner more attention and tips for the whistleblower programme that was established by the Dodd-Frank Act a decade ago, experts say.
It would not be the first time a high-profile award sparked a round of complaints. In 2018, when three Bank of America bankers were given $83m in awards in a case of misconduct at the broker-dealer arm of Merrill Lynch, the Securities and Exchange Commission received 5,282 tips, up almost 20 per cent from the previous year.
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