Recent history has given financial institutions plenty of reasons to think twice before serving third-party payment processors, firms that help websites and other merchants accept credit cards and other electronic payments.
The 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.
Human traffickers are forcing victims to obtain loans to finance their activities and open bank accounts to move and conceal their proceeds without drawing the attention of investigators and compliance officers, a Washington, D.C.-based group claimed Thursday.