After years of neglect, it appears that Human Smuggling financing is a priority to government agencies. Human Smuggling Suspicious Activity Reports (SARs) filed by MSBs have skyrocketed since mid-2021 while banks' filings have remained flat. FinCEN issued then deleted a Human Smuggling Alert on 12/16/2022.
MSBs
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2,301,163 SARs were filed in 2019 which is an increase of 6% from 2018 levels. Depository Institutions filed 48% of all SARs, MSBs accounted for 37% and Securities/Futures filed 9%.
Alison Jimenez, president of Dynamic Securities Analytics, authored “Migrant Smuggling: What Financial Institutions Need to […]
Migrant smuggling tragedies underscore the important role of financial institutions in identifying human smuggling
