WASHINGTON (9/15/14)--To support law enforcement's efforts to fight smuggling and trafficking, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has released an advisory on possible financial red flags. The information is intended to help financial institutions identify and report suspicious financial activity connected to human smuggling and trafficking.
Human smuggling is defined as acts to bring unauthorized aliens into the United States, transport them within the country or conspire to commit those acts. Human trafficking is defined as the act of recruiting, harboring, transporting a person for forced labor or commercial sex acts through the use of force, fraud or coercion.
FinCEN's bulletin acknowledges similarities between legitimate financial activities and those that could be supporting human trafficking. It recommends evaluating indicators of human smuggling or trafficking in combinations with other red flags and factors.
The new FinCEN advisory tells financial institutions to be on the lookout for such things as:
To report suspicions of human smuggling and trafficking, FinCEN requests financial institutions include one or both of the key terms in the Narrative and the Suspicious Activity Information: "Advisory Human Trafficking" and/or "Advisory Human Smuggling."
The narrative should also include an explanation of why the institution knows, suspects or has reason to suspect that the activity is suspicious.
Use the resource link below to access FinCEN's full advisory, and for more information about the Credit Union National Association's Bank Secrecy Act Conference.