Strategic Partner Verafin Features On-Demand ACAMS Webinar: Human Trafficking
New whitepaper now available

General information

Human trafficking and smuggling are immensely profitable crimes that generate mountains of illicit proceeds. Unlike the victims of most crimes, however, neither the underage victims of human trafficking nor the undocumented aliens who are exploited by human smuggling organizations will report these crimes to law enforcement. In a sense they are invisible to law enforcement.

CBA endorsed strategic partner, Verafin has an on-demand webinar: Financial Institutions Can Shed Light on “Invisible” Victims of Human Trafficking and Smuggling, which is available for financial institutions and features the following highlights and learning objectives:

  • Overview of human smuggling and human trafficking crimes
  • Use of “funnel accounts” to launder criminal proceeds
  • Challenges that financial institutions face in their detection efforts
  • Red flags and indicators for financial institutions
  • How collaborative networks and cross institutional detection can advance detection capabilities

Click here to watch the webinar.

Verafin, the leading provider of FRaud detection and Anti-Money Laundering (FRAML) software, has also released a new whitepaper: Financial Institutions Face High Expectations to Detect and Report Invisible Victims of Human Trafficking and Smuggling.

The paper is authored by Chris Swecker, financial crime consultant and attorney; retired assistant drector, FBI; and former global security director, Bank of America.

Two particularly detestable criminal industries, human trafficking and smuggling, produce significant funds that move through the financial system. Swecker discusses these heinous global crimes, and the importance of establishing an industry wide consortium approach to make criminal enterprise links across multiple FIs utilizing section 314(b) of the USA Patriot Act.

For information on how Verafin FRAML can help your bank, please contact Catherine Warren at (709) 752-3050 x 3242.