More than 45 million people are victims of modern slavery (Human trafficking) across the globe today. Every 30 seconds, a child is sold into sex slavery. This one of many trades terrorists around the globe are using to generate funds for their cause. The finances generated is using the existing financial systems to transfer funds around the world to support their illegal trades. It is estimated that 1 trillion dollars ($ 1,000,000,0000,000) are laundered annually (yes, that is a number with 12 ‘0’s). The figure is almost too big to grasp.
One crucial way to fight these criminal activities is to trace the money. Financial crime can be detected in the flow of data and information within and between financial institutions. However, to have access to data is not the same as to be able to understand and make sense of it. Intelligence for proactive prevention includes looking for and monitoring, patterns and possible illegal activities. Additionally, there is a need to stay up to date with latest progress on crime and crime prevention through financial data analysis. The aim is to quickly detect these activities and work proactively together with law enforcement and regulatory forces around the world to stop them, or use the data for reactive detection, i.e. following the money when something has occurred.
So, what is required? – a focused organization, staffed with investigators and data analysts, equipped with the right tools and processes. Access to big data, both internal and external to the organization, is crucial.
Ascend is currently supporting a major financial institution to define, set up and implement structures to track and find financial crime. With better control of the flow of money, the possibility to detect and stop human trafficking, terrorist financing and money laundry increases. Ascend is proud to be on this journey together with a customer – for the greater good.