Modern Slavery Typologies for Financial Services Providers

This project aims to equip financial service professionals with an understanding of the trends and typologies that are present in modern slavery, enhancing their ability to assess and mitigate risk within their client portfolios, and identify red flags for better monitoring and reporting of suspicious activity.
There is a range of methods that financial institutions can employ in order to contribute to the fight against modern slavery, including training frontline staff to recognise the signs of a trafficked person in a face-to-face encounter, identifying suspicious activity when the individual visits their branch, or identifying the physical signs of abuse that could indicate a person has been trafficked and is under duress.

Furthermore, financial institutions can consider the industries, business types, and locations that are particularly high risk with regards to modern slavery activity. By understanding the typical profile of businesses and institutions that are ‘high risk’, the financial service provider can adjust its risk appetite to avoid funding or supporting illicit activity.

https://themekongclub.org/wp-content/uploads/2018/01/Typology-Repository-for-FinServ-sector.pdf