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Growing Role of Banks in Identifying Human Traffickers Seen as Crucial by U.S. Officials
By Kira Zalan
printThe identification of suspicious transactions by financial institutions offers an important means of fighting human trafficking, the U.S. State Department said in a report Friday. In its 2014 Trafficking in Persons (TIP) Report, the department highlighted efforts by the Financial Crimes Enforcement Network (FinCEN), New York investigators and eight financial institutions to better identify transactional red flags linked to the crime, including unusual cross-border transfers and simultaneous openings and closings of accounts. The financial institutions-Bank of America, American Express, Barclays, Citigroup, JPMorgan Chase & Co., TD Bank, Wells Fargo and Western Union-spoke with representatives of the Manhattan District Attorney's Office...
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