FinCEN statement on human smuggling detection

Crypto Regulation, What to Expect?
FCA publishes new ‘Dear CEO’ letter

A recent FinCEN statement has called out the need for financial institutions to better aid the detection of financial activity related to human smuggling, indicating it is a direct link to money laundering and terrorist financing.

The statement highlights:

  • Human smuggling as a key AML/CTF priority,
  • Illicit finance typologies,
  • Financial red flag indicators of human smuggling,
  • Financial institutions’ ongoing reporting obligations.

Financial institutions should review the notice to ensure appropriate controls are in place and take the opportunity to remind colleagues of the need for understanding and focus on this important topic.

https://www.fincen.gov/sites/default/files/shared/FinCEN%20Alert%20Human%20Smuggling%20FINAL_508.pdf

Share with: