23 Aug 2022
AML Red Flags in Human Smuggling and Human Trafficking
The Biden Administration and federal regulatory agencies are committed to ending human trafficking and human smuggling, as detailed in National Action Plan to Combat Human Trafficking (Dec. 3, 2021). Human smuggling and human trafficking are predicate offenses to money laundering. Watch this video from expert author Jill Steinberg, Partner at Ballard Spahr LLP, to gain insight into key regulatory guidance intended to aid financial institutions in their money laundering prevention efforts, and prevent transactions that may involve human smuggling and human trafficking.
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Access this practice note for an overview of U.S. anti-money laundering (AML) laws and regulations broadly designed to strengthen AML and deter terrorist financing and criminal activities.
- NYDFS issues cryptocurrency guidance establishing best practices for preventing suspicious activity
Explore this article setting out expectations for New York State-regulated virtual currency companies who leverage blockchain analytics technology; includes New York State Department of Financial Service (NYDFS) expectations to uphold the safety and soundness of the virtual currency market.
- Know Your Customer: Customer Identification Requirements Pursuant to the Bank Secrecy Act
Review this practice note to gain an understanding of the various know your customer (KYC) statutory and regulatory requirements for financial institutions. KYC identification and reporting assists the government in identifying customers that pose a high risk for money laundering, terrorist financing, and other criminal activities.
Practical Guidance Updates
Featuring the latest updates from your Practical Guidance account.
- Bank Secrecy Act (BSA), USA PATRIOT Act, AMLA, OFAC, and Other Anti-money Laundering / Anti-terrorism Regulations Compliance Checklist, Know Your Customer Checklist, and SAR Filing Requirements Checklist are just some of the documents designed to aid institutions in monitoring and preventing suspicious activity.
- Compliance with OFAC, AML, and USA Patriot Act Resource Kit, Environmental, Social, and Governance (ESG) Resource Kit and Ukraine Invasion Resource Kit provide content on key issues, laws, and regulations applicable to in-house lawyers and counsel advising banking and financial institutions, finance companies, fintech firms, and lenders.
- Listen Up! The Practical Guidance Podcast features interviews with industry-leading attorneys on cutting edge issues in the law. Practical Guidance Podcast Episode 8: Cannabis and Financing presents one of the largest impediments to growth in the cannabis industry. Hear from Tom Firestone, Partner and Co-Chair of Stroock's White Collar group, about legislative developments related to cannabis financing.
- The Practical Guidance Journal Summer 2022 Edition features response and defense strategies dealing with whistleblower complaints; issues related to cybersecurity and data privacy; and Ukraine Invasion resources. Access it today.
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