Facing AML & Human Trafficking at the Source
Updated: Dec 13, 2019
Announcing a partnership between NominoData and the newly formed Anti-Human Trafficking Intelligence Initiative
“Human trafficking is a modern-day form of slavery involving the illegal trade of people for exploitation or commercial gain.”
Financial institutions can play a leadership role at the local and national level in assisting law enforcement to track money laundering and potential human trafficking hot spots. By tracking deposit and account data transactions, FIs can pinpoint suspicious activity within networks and potential human trafficking as relates to the banking industry and law enforcement industries.
The newly formed strategic partnership between the Anti-Human Trafficking Intelligence Initiative (ATII) and NominoData puts a magnifying glass to identifying and providing the latest instances of human trafficking risk in NominoData’s offering to the financial business-scape.
The ATII is a non-profit organization dedicated to pioneering necessary change in the approach to trafficking prevention, detection, reporting and collaboration to achieve justice and save lives.
"We are excited to welcome NominoData as our first business partner to collaborate with the ATII and know they will make great partners in the development and distribution of negative information related to potential parties involved in human trafficking. We look forward to aligning our data with socially responsible financial institutions and financial services leaders to fight the funding of human trafficking and prevent the proceeds of trafficking through our economy,” says Aaron Kahler, founder and CEO of ATII.
The newly available NominoData data file allows FIs to search within customer profiles and identify suspicious data through phone numbers, emails, etc. If data in the FI customer file has hits in NominoData’s data set, this should trigger an enhanced due-diligence process within the system. The data file provides up to date information about the potential hot-spots and the people related to them. While each state has different identifying data, generally, the data file has core information needed to conduct primary due diligence and enhanced due diligence of financial risk. The data is delivered in an easy to integrate format that can be joined with any KYC, transaction monitoring or case management solution. This data file is available in subscription format and updated monthly.
· Identify at-risk clients in your customer file
· Name, phone number, email, business name, address
· Data is mined from various sources, including the dark web
· Subscription format and updated monthly
Background on Human Trafficking
Despite the fact that Abraham Lincoln signed the Emancipation Proclamation on January 1, 1863, and the U.S. formally abolished slavery with the 13th Amendment almost 150 years ago, modern human trafficking exists in the U.S. in all 50 states, down the street in US suburbia, to teenagers or youngsters.
“The United States is a source and transit country for human trafficking, and is considered one of the top destination points for victims of child trafficking and exploitation.” -The Advocates Post, More Slaves Today than at any other Time in History
Annual profits of forced labor per region (US $ billion)
In the 2014 FinCEN report titled FinCEN Advisory Report 2014, Guidance on Recognizing Activity that May be Associated with Human Smuggling and Human Trafficking – Financial Red Flags, the stages by which human trafficking occurs were defined:
Recruitment or Abduction: Traffickers obtain their victims through deception or force. For instance, traffickers may recruit victims through the use of kidnapping, false marriages, or advertisements offering employment or study abroad. Individuals from countries and geographic areas that have been affected by economic hardship, armed conflicts or natural disasters are particularly vulnerable to these tactics.
Transportation: After being collected, victims are transported to locations where they are exploited or sold to other traffickers. Victims may originate from abroad or within the United States and may be transported by air, sea and/or land domestically or internationally.
Exploitation: During this stage, traffickers profit from exploiting victims through forced labor, sexual exploitation, involuntary participation in crimes or other activity. Businesses in the service and manual labor industries (e.g., massage parlors, restaurants, farms, construction companies, domestic services) have been frequently used to exploit trafficked individuals. In contrast to the on-time illicit proceeds of human smuggling, this final phase of human trafficking may generate ongoing criminal records.
The future depends on disrupting the operations, economics and anonymity of human trafficking at the source. By partnering with economic gatekeepers such as financial institutions and corporations we can cumulatively intervene in criminal access to financial markets inhibiting the ability in which traffickers exploit the vulnerabilities of our society.
We aspire to pioneer necessary change in the approach to trafficking prevention, detection, reporting and collaboration to achieve justice and save lives.
About ATII The Anti-Human Trafficking Intelligence Initiative (ATII) is a non-profit organization dedicated to the abolition of human trafficking. Our Mission is to combat global human trafficking by leveraging corporate social responsibilities directly through advocacy awareness, intelligence integration, technology advancement and strategic data collaboration. For more information, visit www.FollowMoneyFightSlavery.org
About NominoData NominoData is a solutions company formed to help clients with worldwide identity, compliance, and risk management issues associated with modern day commerce. Our team leverages their expertise into innovative and productivity-boosting solutions that revolutionize their field. NominoData supplies both plug-n-play and integrated software solutions supporting the AML, money-laundering, HIDTA HIFCA, and financial industries dealing in fraud, human trafficking detection, and compliance. For more information, visit www.nominodata.com