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What can your financial institution do against human trafficking

Did you know that illicit funds associated with Human Trafficking and Modern Slavery is estimated as much as 150 billion USD each year and it is 3rd largest source of criminal profit globally?

Furthermore most of funds generated by this crime flows through the financial system. This is unarguably a global phenomenon, and anyone can be a victim regardless of their sex, age, religion, sexual orientation or citizenship. Nevertheless, children and women and those from developing countries are more exposed to this risk.


What can be done by banks or non-banking financial institutions? They probably have the most insights through victims and/or perpetrators holding accounts with the Financial Institute or victims applying for loans to pay fee to a “Recruitment Agency”. Financial Institutes also have the responsibility to screen both domestic and international payments in accordance with different sanction provisions brought against notorious human traffickers.


Read more about the topic in Imre Homoki’s (CFE, CAMS, CGSS) blog post here.

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