As a financial professional, safeguarding your company’s staff and assets from organized financial crime and fraud is crucial.
According to the US Department of State, “Human trafficking is a widespread and highly profitable crime that generates an estimated $150 billion worldwide per year with a significant portion of those profits passing through legitimate financial services businesses.”*
Many credit union and retail bank executives and managers are not aware that human traffickers help drive organized financial crime and financial fraud, making it essential to be vigilant and proactive in combating this issue. Traffickers often force victims to commit financial crimes or fraud to make people they are already exploiting face the risks of arrest and imprisonment, while avoiding detection themselves.
“Most traffickers will utilize legitimate financial institutions in a variety of ways including using prepaid credit cards, making bank accounts in [sic] for victims or businesses, encouraging victims to transfer money using money remittance services to pay for recruitment fees, etc.” - Polaris
Financial fraud enables traffickers to launder money and profit from their victims in addition to forcing them into commercial sex or other types of labor. Since victims of human trafficking are often forced to attempt fraudulent transactions, credit unions and retail banks can help stop both fraud and human trafficking by training their employees to identify behavioral indicators of human trafficking and respond promptly.
"It is essential that financial institutions train staff on techniques human traffickers use to launder money and the behavioral and financial red flag indicators of human trafficking. Trained customer-facing staff can recognize, document, and report behavioral indicators of human trafficking."
Office to Monitor and Combat Trafficking in Persons, U.S. Department of State*
BEST (Businesses Ending Slavery and Trafficking) recognizes how complicated and dynamic this crime is -- and that it can be challenging for financial institutions to know how to start addressing it. BEST equips credit union and retail bank leaders with essential knowledge and guidance to develop a workable strategy to counter human trafficking that addresses:
BEST leverages our consulting expertise to support businesses in both developing and implementing their strategies.
Free 30-minute consultation: BEST offers every business a free 30-minute consultation with a member of BEST’s staff. During this meeting, you can learn more about BEST’s expertise and receive real-time feedback on how your business can start engaging in actively protecting your financial institution by countering human trafficking.
Highly relational: BEST recognizes that it may be difficult for many businesses to join the fight against human trafficking because it can be a daunting issue to address. BEST listens and empowers you and your team with the tools needed to counter human trafficking within the financial industry, and by ensuring you are not alone in this fight.
Meaningful: Unfortunately, human trafficking affects everyone, and it creates risks for credit unions and banks along with other types of businesses. By countering human trafficking proactively, you will have a positive impact not only on your business and the safety of your staff, but also on the broader community that your business operates in and around.
Practical: BEST provides you with actual tools that you can use and implement across your organization. From training to communication materials, we help you have tangible results.
To learn more about BEST and how to effectively implement an anti-human trafficking strategy for your business, please enter your contact information below. We’ll answer any questions you may have.
Through consultation with BEST, employers craft workable plans to counter human trafficking proactively and create safer and more ethical financial services. BEST can help your credit union or retail bank develop a comprehensive strategy in which training is an effective component, so that you can further contribute to the larger movement to eradicate human trafficking and support the victims of this horrible crime.
In addition to our strategy consulting and employee-addressed training, BEST offers a variety of resources and support services to help businesses combat human trafficking. These include policy development assistance, awareness campaigns, and access to a network of experts and organizations dedicated to ending human trafficking. Visit bestalliance.org to explore these resources and learn how you can get involved.
Don’t wait until it’s too late. Equip your team with the knowledge and skills they need to combat organized crime, prevent human trafficking, and protect your financial institution. Contact us today to schedule a free 30-minute consultation.