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Large Banks Devoting More Resources to Monitor for Human Trafficking
By Brian Monroe
printSome of the country's largest banks are increasingly monitoring account activity for signs of possible human trafficking, according to individuals familiar with the initiatives. The shift over the past year is a logical one for banks, which have procured advanced transaction monitoring systems to detect money laundering and fraud and are now expanding the use of those tools to better discern other criminal activity, said Robert Rowe, vice president and senior counsel for the Washington, D.C.-based American Bankers Association. Trafficking in individuals has "become a particular issue, and not just for international banks but for domestic banks as well," he...
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