As is to be expected, there are strong partnerships between Non-Government Organizations (NGOs) and local, state, federal, and international law enforcement agencies in fighting human trafficking and slavery. In reality, financial institutions (FIs) are equal partners in this global crime-fighting endeavor.
Liberty Asia is a highly respected and proactive partner in the fight against human trafficking and slavery. Liberty Asia employs a professional staff that has implemented systems and techniques that are making a difference every day. For instance, Liberty Asia has deployed a victim case management system for their partner NGOs to utilize throughout Southeast Asia. Additionally, Liberty Asia has implemented proven and effective Actionable Research Programs on slavery that enhance traditional Anti-Money Laundering (AML) and Anti-Bribery monitoring and investigation programs.
Liberty Asia’s professional team has an ongoing and open dialogue with QuantaVerse through which focused training related to anti-slavery/human trafficking is provided along with frequent informational updates. This valuable information is assisting QuantaVerse to serve its global clients better by providing enhanced AI and data science solutions focused on rooting out human traffickers that might be hidden in the web of millions of financial transactions in any FI. Liberty Asia’s expertise and partnership is a welcome addition to QuantaVerse’s financial crime detection and prevention mission.
Slavery, human trafficking and human smuggling organizations generate enormous profits for transnational criminal organizations (TCOs). That money must be laundered through various local, regional, national, and global banks for the TCOs to be operationally effective and profitable.
According to 2016 data from the Global Slavery Index, 45.8 million people are victims of some type of slavery in 167 countries. The International Labor Organization (ILO) estimates that 21 million people are victims of forced labor globally. The ILO estimates that 22% of victims are trafficked for sex, which generates approximately $100 billion in profits. The ILO indicates that the remaining 78% of victims are forced labor victims, generating over $50 billion in profits revenue for businesses and governments.
FIs face insurmountable daily challenges in analyzing thousands of transactions while trying to detect, investigate, and report suspected transactions related to slavery, human trafficking and smuggling, and other criminal activities.
Supporting FIs are new artificial intelligence (AI)- enhanced data science solutions, such as QuantaVerse, that supplement existing FI transaction monitoring systems. NGOs such as Liberty Asia are assisting FIs and data science solution companies with training, informational updates, and daily support with questions regarding human trafficking and slavery investigations.
Report: How Financial Firms Are Using Artificial Intelligence and Machine Learning to Meet AML Demands of Today and Tomorrow
It’s a well-known fact that the global pandemic caused a radical shift in consumer banking and payments behavior. What isn’t as obvious is how financial institutions responded behind the scenes. Fortunately, a new study helps shed light on the pandemic’s impact on the adoption of new technologies for anti-money laundering (AML) efforts.
Regulators and those handling compliance at covered institutions have long accepted the pitiful state of AML program efficacy, including: An estimated $2 trillion laundered through the global banking system annually 90+% of false positives coming from transaction...
While not mandating that firms invest in technology to automate financial crime investigations, regulators are certainly encouraging it. They are noticing that advanced BSA/AML teams are using robotic process automation (RPA) bots to gather data for investigations. They are aware that those same firms are using machine learning to analyze huge data sets, identify patterns, and pinpoint where exceptions or anomalies exist.