FinCEN Issues Supplemental Advisory on Identifying and Reporting Human Trafficking and Related Activity
October 15, 2020 / Source: FinCEN
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 the current methodologies that traffickers and facilitators use. It is also critical that customer-facing staff are aware of behavioral indicators that may indicate human trafficking, as the only outside contact for victims of human trafficking may occur when visiting financial institutions. Today's advisory supplements FinCEN's 2014 Guidance on Recognizing Activity that May be Associated with Human Smuggling and Human Trafficking—Financial Red Flags.