Bates News | 01-18-23
Human Trafficking Prevention Month - January 2023
January is National Human Trafficking Prevention Month, dedicated since 2010 to raising awareness about human trafficking and educating the public about how to identify and prevent it. This crime is facilitated by human smugglers, who victimize vulnerable individuals, often by making false promises related to immigration or employment.
The Financial Crimes Enforcement Network (FinCEN) issued a recent alert reminding financial institutions of the critical role they play in helping to fight human smuggling and human trafficking by identifying suspicious behavior and sharing crucial intelligence with law enforcement officials. The alert provides red flag indicators to help financial institutions better identify transactions potentially related to human smuggling and reminds financial institutions of their Bank Secrecy Act (BSA) reporting obligations.
Bates cares about this issue. We are committed to working with your firm to develop strong AML and compliance programs for banks, broker-dealers, money services business and digital asset firms, including virtual and cryptocurrency firms. Learn more about how we can help strengthen your AML and compliance program at the following links below: