Financial crime professionals can play a critical role in combating human trafficking.
Human trafficking is a crime that affects millions of people around the world. It generates at least $150 billion globally in illicit profits for traffickers and undermines the integrity of financial systems. While human traffickers are constantly evolving their methods to evade detection, financial crime professionals can take specific steps to identify and prevent human trafficking.
By implementing robust know your customer (KYC) programs, conducting due diligence, training staff to identify unusual transactions, and recognizing the typologies and red flags defined by the Financial Crimes Enforcement Network (FinCEN), financial crime professionals can play a critical role in combating human trafficking.