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New human trafficking info from FINTRAC

FINTRAC provides additional money laundering indicators associated with human trafficking for sexual exploitation in support of Project Protect On this World Day Against Trafficking in Persons, FINTRAC has published its latest Operational Alert, Updated Indicators: Laundering of proceeds from human trafficking for sexual exploitation. Following a strategic analysis of its financial […]

Sounds fishy…

Report to Congress: Human Trafficking in the Seafood Supply Chain MEDIA NOTE OFFICE OF THE SPOKESPERSON DECEMBER 23, 2020 Share To address human trafficking, including forced labor, in the seafood sector, the Department of State and the National Oceanic and Atmospheric Administration (NOAA) have submitted a joint report to Congress, […]

FinCEN issues supplemental Human Trafficking Advisory

FinCEN Issues Supplemental Advisory on Identifying and Reporting Human Trafficking and Related Activity The Financial Crimes Enforcement Network (FinCEN) issued an advisory today to help financial institutions identify and report human trafficking. It is imperative that financial institutions enable their detection and reporting of suspicious transactions by becoming aware of […]

New article out on KYC360.com

Yesterday, the first of a 2-part series I wrote on the latest FATF/APG report on financial flows in human trafficking was published here on KYC360.com. Originally, I wrote it as one longer piece, but KYC360 liked the idea of two shorter pieces better. You can get to the article also on […]

Resource: FINTRAC’s human trafficking page

Included on FINTRAC’s human trafficking web page are the following lists of red flags: Types of financial transactions Online advertising and promotional services (e.g. escort services, massage services, relationship services, related peer-to-peer online booking services): frequent payments in multiples of small amounts (e.g. $3, $12, $24) in relatively short timelines […]

Word of the Day: Funnel Account

From FINCEN's advisory on US Currency Restrictions in Mexico: Funnel Account: An individual or business account in one geographic area that receives multiple cash deposits, often in amounts below the cash reporting threshold, and from which the funds are withdrawn in a different geographic area with little time elapsing between […]