Detecting Financial Flows of Human Trafficking and Modern Slavery: A Guide to Automated Transaction Monitoring
Mobilizing the financial sector to enhance detection of modern slavery.
Modern slavery, encompassing human trafficking, forced labor, and child labor, affects 49.6 million people globally, generating $150 billion in profits annually. Despite its pervasive global nature, there is a noticeable gap between the perceived threat and actual cases reported.
The Finance Against Slavery and Trafficking (FAST) Blueprint emphasizes that the financial sector, while unable to single-handedly end these crimes, plays a crucial role in prevention and investigation.
Financial evidence is vital for overcoming challenges in prosecuting perpetrators and can provide remedies for victims. However, the low number of Modern Slavery/Human Trafficking Suspicious Activity Reports (MS/HT SARs) reflects insufficient awareness in the financial sector. Traditional transaction monitoring methods are ineffective due to the lack of meaningful indicators.
This report aims to guide financial institutions in detecting MS/HT-related illicit flows through automated transaction monitoring - enhancing SARs, investigations, and convictions.
Access the technical report here.
