Modern slavery and human trafficking is big business. The International Labour Organization estimates forced labour in the private economy generates annual profits of US$ 150 billion. As with other predicative crimes, human traffickers seek to hide the illegitimate source of their proceeds within the legitimate economy.
Financial institutions are expected by regulators to Know Your Customer (KYC) and have applied Customer Due Diligence (CDD), and therefore must be aware of the scope of modern slavery within their business through assessing their customers, products, countries and channels.
The Financial Action Task Force has identified that the key is to understand transactional activity in the context of understanding the profile of a typical trafficker and their spending patterns.
Direct interactions by branch personnel with customers during the course of daily transactions can also alert financial institutions to modern slavery. Observations by branch personnel can identify suspicious activity that can initiate a review of a customer's transactions.
Financial institutions therefore need robust anti-money laundering control frameworks in place to identify the proceeds of modern slavery.
We understand that in order to find the problem, you need to know what you're looking for in the first place.
Our training courses are designed for financial institutions to understand what modern slavery is, what it looks like, the methods that traffickers use to launder their proceeds and how transaction monitoring is vital to identifying laundering activities linked to modern slavery.
Each course builds knowledge step-by-step and is tailored to the roles and needs of the trainees.
We currently offer two, role-specific courses for financial institutions that are constantly updated to reflect the most up to date and relevant information based on the latest research from across the world.