PRESS RELEASE
London, 28th January 2020 - RedCompass is joining forces with STOP THE TRAFFIK, IBM and other partners to contribute to the Traffik Analysis Hub (TA Hub) to take the fight against human trafficking one step forward.
After supporting STOP THE TRAFFIK for a few years, RedCompass has leveraged their expertise in payments, financial crime and data analytics to create the RedCompass RedFlag Accelerator, a consolidated and standardised toolkit of human trafficking and modern slavery indicators and alert scenarios.
RedCompass RedFlag Accelerator draws on the work done by the UN, Banks Alliance, governmental agencies and the police, to enable banks to isolate key flags and patterns. By enriching the data collected by these agencies and institutions, the toolkit will allow compliance, financial crime and data teams to accelerate their search for human trafficking traces in their organisations.
Banks will no longer have to recompile long reports or search for the latest trends.
The RedFlag Accelerator, available via the TA Hub, will be a living tool and as such, it will be constantly updated.
“Partnering with TA Hub to integrate the RedFlag Accelerator toolkit into the platform will help us to achieve multiple results”, said Tom Hewson, RedCompass Senior Partner. “On one hand, it will facilitate the distribution of the latest and regionally focused enriched Red Flags and patterns in a format that data teams in banks can use without costly business analysis. On the other hand, it will enable the collection and analysis of relevant indicators through KYC, AML, behavioural and transaction data in line with the regulations and guidance provided by governments, competent authorities, NGOs and other key players.”
The Traffik Analysis Hub (TA Hub)
TA Hub is a platform developed by STOP THE TRAFFIK and IBM which, using cognitive technologies, allows cross-sector partners to gather and share human trafficking information easily and quickly, as part of their day-to-day business. The integration of the RedFlag Accelerator into the TA Hub will create an even stronger case for financial institutions to detect patterns and uncover trafficking activities in their data via a secure platform.
“The most common mistake when it comes to human trafficking is to think that it is happening in some remote country, far from our lives. The truth is that it is happening every day in front of our eyes and inside our banks. And no other industry is better positioned than ours to act”, concluded Hewson.
Human trafficking is the fastest growing form of crime in the world, with very low risk but extremely high profits. It is believed to be worth $150 billion and to affect 40.3 million people worldwide, of whom 136,000 are in Britain.