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Modern Slavery: A Financial Crime, A Global Humanitarian Crises
The Situation Modern slavery is a worldwide, profit-motivated problem that enslaves people from all walks of life and generates billions in illicit funds each year.
Financial institutions play a critical role in identifying financial crime as bad actors become more adept at using the global banking system to legitimize ill-gotten gains. What processes need to be in place to empower the global financial community to more easily and accurately flag suspicious transfers, freeze accounts associated with human trafficking, and ultimately collaborate with law enforcement to help fight this global crime.
The Solution It behooves financial institutions to update their compliance structure with an eye toward legal obligations and risk management.
Know who you are doing business with and what risks these individuals and/or entities pose to your business. This starts at onboarding and continues with portfolio monitoring. Technology and analytics from a Know Your Customer/Know Your Supplier (KYC/S) partner who is also focused on ending modern slavery.
This Paper We routinely dive deep into our database to understand the trends across all types of financial crime. We share what we learn with clients and the broader AML/KYC/S community. This whitepaper highlights the latest findings. You will learn:
Which modern slavery typologies are most prevelent and geographically concentrated, as per most recent adverse media ingestion and portfolio monitoring data
How legislation and collaborative efforts to uncover and name modern slavery are transforming the data we use to identify trends and helping to fight modern slavery
How to leverage Moody’s Analytics technology to make data-driven decisions to meet modern slavery regulations, policies, and mitigate the risk to your organization.