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Fall 2020 Brings Increased Regulatory Focus on Financial Institution Detection of Human Trafficking

Sarah Byrne
MVA White Collar Defense, Investigations, and Regulatory Advice Blog
October 2020

MVA Financial Regulatory Advice and Response Counsel Sarah Byrne‘s blog titled, “Fall 2020 Brings Increased Regulatory Focus on Financial Institution Detection of Human Trafficking” was published on October 21.

On October 15, 2020, the Financial Crimes Enforcement Network of the U.S. Department of Treasury released its Supplemental Advisory on Identifying and Reporting Human Trafficking and Related Activity.  The evolving tactics of human traffickers and behaviors of victims required updated guidance in order for financial institutions to better meet Bank Secrecy Act obligations to assist the government in detecting and preventing money laundering. This advisory on human trafficking is timely. In the last few months, regulators worldwide have signaled increased attention on financial institution responses to human trafficking.

The complete blog post can be viewed here.