FINANCIAL INSTITUTIONS

Financial Institutions

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.

This is where ©ILLUSTRO Consultancy Ltd. can help.

How can ©Illustro Consultancy Ltd. help?

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.

Here at ©ILLUSTRO Consultancy Ltd. we believe that there is no substitute for face-to-face learning. By actively seeing a trainer convey passion about a topic, in an interactive and dynamic learning environment, the same passion is ignited in the learner.
Therefore each course is delivered in-person by our Director, Tony Dunkerley.

courses


Money Laundering Through Financial Institutions

Target audience: AML, SAR and Automated System Tuning personnel.

Identify how traffickers launder their proceeds through banking systems and identify the transaction patterns in order to implement control strategies.

Course Aims:

  1. Understand what is meant by modern slavery and its constituent offences
  2. Understand UK and Global patterns of modern slavery – push and pull factors
  3. Be informed on the prevalence, nature, scale of modern slavery in the UK
  4. Apply a risk-based approach to detecting the proceeds of modern slavery
  5. Identify transaction patterns linked to modern slavery
  6. Submitting Suspicious Activity Reports linked to modern slavery
  7. Identify future trends and areas risk

Contact us today to see how we can help your AML teams combat modern slavery

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Identifying Victims of Modern Slavery and Forced Labour

Target audience: Branch staff and Relationship Managers.

Enable your customer-facing staff to identify the physical indicators of modern slavery and understand what action should be taken if they suspect a customer is under the control of a third party.

Course Aims:

  1. Understand what is meant by modern slavery and its constituent offences
  2. Understand UK and Global patterns of modern slavery – push and pull factors
  3. Be informed on the prevalence, nature, scale of modern slavery in the UK
  4. Identify the physical indicators of trafficking

Contact us today to see how we can help your branch staff combat modern slavery

contact us