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Banks should beware 'funnel accounts' that pool human-trafficking revenue, US Financial Crimes Enforcement Network warns

( October 15, 2020, 15:48 GMT | Official Statement) -- MLex Summary: US banks should watch for human trafficking "funnel accounts" that aggregate small deposits from a variety of geographic areas, including foreign countries, into a single account in a bank branch, the Financial Crimes Enforcement Network said. FinCEN, in an advisory today, said human trafficking is a predicate crime for money laundering and that banks, when filing suspicious activity reports, should note indicators of human trafficking activity.Statement follows. See attached advisory....

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