MVALaw Blogs

Fall 2020 Brings Increased Regulatory Focus on Financial Institution Detection of Human Trafficking

On October 15, 2020, the Financial Crimes Enforcement Network of the U.S. Department of Treasury (FinCEN) released its Supplemental Advisory on Identifying and Reporting Human Trafficking and Related Activity (Supplemental Advisory). The last time FinCEN provided guidance on identifying trafficking…

Modern Slavery Statement Guidance – Note to Financial Institutions

The United Kingdom Home Office has released guidance to companies that are required to make a public statement about human trafficking risks and prevention measures under the U.K. Modern Slavery Act of 2015.  Organizations are to address the emerging risks…

House Financial Services Subcommittee Tackles Trafficking Prevention in Financial Systems

Last week, the House Financial Services Committee Subcommittee on National Security, International Development and Monetary Policy held a hearing on transnational trafficking networks and illicit finances.  Titled “The Traffickers’ Roadmap: How Bad Actors Exploit Financial Systems to Facilitate the Illicit…

Sarah Byrne featured in Charlotte Magazine for role in Human Trafficking Pro Bono Project

MVA’s Human Trafficking Pro Bono Project Leader, Sarah Byrne and her fight for victims of human trafficking was highlighted by Charlotte Magazine. The article titled, “Charlotte Attorney Sarah Byrne on Fighting for Victims of Human Trafficking” was published on February…

Human Trafficking Awareness  – What Financial Institutions Need to Know

Anti-Money Laundering and Know Your Customer departments at financial institutions are on the front lines of human trafficking.  Not only does enhanced transaction monitoring help law enforcement identify trafficking circumstances through generation of Suspicious Activity Reports but it helps avoid…