Financial Institutions Can Shed Light on “Invisible” Victims of Human Trafficking and Smuggling
- When: November 24, 2014
- Time: 12:00 PM – 1:00 PM ET
- Level: All
Human trafficking and smuggling are immensely profitable crimes that generate mountains of illicit proceeds. Unlike the victims of most crimes, however, neither the underage victims of human trafficking nor the undocumented aliens who are exploited by human smuggling organizations will report these crimes to law enforcement. In a sense they are invisible to law enforcement.
FinCEN, the chief AML regulatory agency for the United States, has recognized that law enforcement agencies need a special assist in identifying these crimes as the proceeds are often joined with drug proceeds in moving through the financial system.
Financial institutions are uniquely positioned to shine the light on these crimes and their invisible victims. In light of FinCEN’s recently issued strong guidance on Recognizing Activity that May be Associated with Human Smuggling and Human Trafficking, financial institutions who miss the red flags and indicators of these crimes do so at their peril.
“Look for a special emphasis on criminal prosecutions of banks as this issue becomes more prominent with FinCEN and its regulatory partners” says webinar co-presenter Chris Swecker, retired Assistant Director, FBI.
Webinar Highlights and Learning Objectives
- Overview of human smuggling and human trafficking crimes
- Use of "funnel accounts" to launder criminal proceeds
- Challenges that financial institutions face in their detection efforts
- Red flags and indicators for financial institutions
- How collaborative networks and cross institutional detection can advance detection capabilities
- Attorney, Financial Crimes Consultant
- FBI, retired Assistant Director
- Bank of America, former Global Security Director
Chris Swecker has more than 30 years of experience in law enforcement, national security, legal, and corporate security/risk management. Swecker served 24 years with the Federal Bureau of Investigation before retiring from the third-highest executive position in the FBI. He was responsible for eight divisions encompassing more than half of the FBI’s total resources. Swecker is extremely knowledgeable on the crimes of human trafficking and smuggling, has testified before congress on these issues and is quoted extensively on this topic.
As head of the FBI’s Criminal Division, Swecker led all FBI criminal investigations including public corruption, money laundering, organized crime/drug trafficking and financial crime matters. He led national task forces on corporate fraud, violent gangs, financial crimes, crimes against children, public corruption and organized crime and established the MS-13 National Gang Task Force and the National Gang Intelligence Center.
As Corporate Security Director for Bank of America, Swecker led investigations; physical security; international security; employment screening and executive protection.
Swecker is a frequent public speaker on financial crimes, money laundering and cyber crimes. He has testified before Congressional Committees on identity theft, crimes against children, mortgage fraud, human trafficking, financial crimes, information privacy and data compromise, crimes on the Internet, drug trafficking and gangs. He has also been a featured guest on public media such as 60 Minutes, Good Morning America, CSPAN Washington Journal, Oprah Winfrey and North Carolina People.
Swecker received the prestigious Presidential Rank Award in 2003 for his service in Iraq and as Special Agent in Charge of the NC Office.
Brendan Brothers is a co-founder of Verafin, a leading provider of fraud detection and anti-money laundering software with more than 1100 financial institution customers across North America.
Brendan is a computer engineer with specialized knowledge and deep expertise in advanced analytics.
He is widely recognized as an anti-financial crime subject matter expert and is a frequent presenter at industry conferences and events. Brendan is also the principal presenter for Verafin’s thought leadership webinar series on emerging industry topics in the area of anti-money laundering and fraud detection.