Best AML Practices to Combat Human Trafficking
Human trafficking around the world is coming under increased scrutiny by authorities. According the United States National Office on Drugs and Crime (UNODC), human trafficking forms the third largest source of income for organized crime groups. Recently, FinCEN issued guidance to financial institutions to detect the red flags for human trafficking. This has created a regulatory expectation for financial institutions to add anti-human trafficking compliance controls into its Anti-Money Laundering (AML) program.