The U.S. Securities and Exchange Commission (SEC) announced on Friday that it’s paying out another multi-million dollar whistleblower award; this time, it’s to a corporate insider.

The SEC revealed that the confidential whistleblower will receive more than US$3 million for helping the regulator uncover a complex fraud case. Although the identities of individuals who receive awards under the SEC’s whistleblower program are kept secret, the regulator does say that the recipient in this case is a company insider.

“The whistleblower’s specific and detailed information comprehensively laid out the fraudulent scheme, which otherwise would have been very difficult for investigators to detect,” says the SEC in a statement. “The whistleblower’s initial tip also led to related actions that increased the whistleblower’s award.”

The payout in this case is the third-highest award so far under the SEC’s whistleblower program. The record remains a US$30 million award that was granted in 2014; the regulator also paid $14 million to a tipster in 2013.

Earlier this year, the Ontario Securities Commission (OSC) proposed its own version of a whistleblower program that would pay tipsters for original information that leads to major enforcement penalties. That proposal is still under consideration and it’s not clear whether the OSC will adopt this type of program in Canada and, if it does, just how it will work. The initial proposal envisions capping awards at $1.5 million, so it would not produce the multi-million dollar payouts that the SEC’s program has.

“By providing significant financial incentives for people to come forward, the SEC’s whistleblower program continues to be profoundly effective in helping us protect investors and hold wrongdoers accountable,” said Andrew Ceresney, director of the SEC’s division of enforcement.

The SEC’s program pays between 10% and 30% of the sanctions recovered in cases that generate at least US$1 million in sanctions. In total, the regulator has paid more than US$50 million to 18 whistleblowers since the program’s inception in 2011.

“The award made today is another testament to the agency’s commitment to reward those who provide high-quality information that leads to successful enforcement actions and related actions,” added Sean McKessy, chief of the Office of the Whistleblower at the SEC. “Our office continues to receive thousands of whistleblower tips each year.When those tips bear fruit, those individuals, like today’s whistleblower, may receive significant financial awards.”