Fighting Human Trafficking With Fraud And AML Detection Systems
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User Rank: Author
10/8/2014 | 8:23:07 AM
Thanks for shedding light on this issue. We often think of AML efforts as it pertains to other areas, like terrorism funding and others you mention, but human trafficking is one that I definitely hadn't thought of. Banks can definitely play a role in eradicating this terrible problem.
User Rank: Author
10/7/2014 | 4:48:00 PM
The Right Thing To Do
Really compelling information here, Wes. On one level, this is a great example of the opportunity to leverage compliance-related investments to do more, gain broader customer insights, etc. Plus, as Jon notes, there is a moral component -- this is the right thing to do (regardless of the branding/image opportunities). Of course there could be numerous business benefits to banks that take this step, not least of which is helping unbanked/underserved consumers who could eventually be more active customers. But the primary reason for banks to put their technology investments to work in this way is because it is the right thing to do, as you so persuasively explained, Wes. Thanks for your insights.
User Rank: Author
10/7/2014 | 2:21:57 PM
Brand Recognition
Great article Wes. This really helps illustrate the size of the problem when it comes to human trafficking and how banks can help. I can definitely see where part of turning the industry's image around after the financial crisis will be linked to efforts to help the public on topics like this.

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