Post by anenro on Sept 28, 2021 19:08:50 GMT 4
Human trafficking a serious money laundering concern for financial institutions
Human trafficking is now one of the biggest concerns for compliance professionals across the globe, according to the latest annual anti-money laundering study from BAE Systems: The State of Anti-Money Laundering 2021.
According to the latest data, over three quarters (77 per cent) of compliance professionals admit they are not confident that money laundering crimes linked to human trafficking could be stopped from passing through their customers’ accounts. More than 60 per cent of those surveyed said that advanced, new criminal techniques have become even harder to spot in the last 12 months and the financial impact on banks has been huge. In the UK, a quarter (25 per cent) of risk and compliance professionals within financial institutions said that human trafficking was causing the largest financial losses of all anti-money laundering crimes. In the US, it was a third and in Australia, nearer half (45 per cent).
Human trafficking is now one of the biggest concerns for compliance professionals across the globe, according to the latest annual anti-money laundering study from BAE Systems: The State of Anti-Money Laundering 2021.
According to the latest data, over three quarters (77 per cent) of compliance professionals admit they are not confident that money laundering crimes linked to human trafficking could be stopped from passing through their customers’ accounts. More than 60 per cent of those surveyed said that advanced, new criminal techniques have become even harder to spot in the last 12 months and the financial impact on banks has been huge. In the UK, a quarter (25 per cent) of risk and compliance professionals within financial institutions said that human trafficking was causing the largest financial losses of all anti-money laundering crimes. In the US, it was a third and in Australia, nearer half (45 per cent).