“We knew that as a payments and financial crime consultancy we had the resources to take all that information, red flags, case studies, and patterns and combine them and, importantly, enrich the data” Tom Hewson, RedCompass Labs Senior Partner
How Financial Data saves People
Modern slavery is hidden in plain view. The RedFlag Accelerator helps you see the signs in your data with real scenarios and red flags specific to the financial sector. Flags reveal patterns. Patterns reveal stories.
How does it work?
To ensure the RedCompass Labs RedFlag Accelerator is meaningful, practical, and comprehensive, our team of experts undertook meticulous research work to investigate and map the human trafficking and child sexual exploitation footprint in financial services. During this process, we consulted a wide range of leading source publications from all around the globe and extracted over 1,000 red flags, along with hundreds of case studies and patterns.
Our RedFlag Accelerator Typologies introduce a selection of eight key typologies that are classified following the common human trafficking criminality such as sexual or labour exploitation, trafficking networks, suspicious business practices, child exploitation, COVID-19 enabled criminal trends, elderly financial exploitation and others.
The RedFlag Accelerator provides 33 key scenarios - that can be adopted to accelerate the search and detection of suspicious and potentially criminal activities. Each persona-driven scenario contains a list of relevant, weighted red flags, and is further complemented with a description summarising key characteristics and behaviours. All scenarios are classified following the common human trafficking typologies.
Our Typologies include 343 unique indicators that are specifically tailored and adapted for banks to reveal human trafficking patterns in their data. The list is broken down into two main categories – retail and business banking specific red flags – and 16 activity type groups, that can ease the navigation. To ensure the application through different client bases, services and jurisdictions, the indicators are classified depending on the origin and type of data, as well as the categories and sub-categories of the behaviours which detail the suspected underlying activity and actor involved. Each indicator is further enriched with aggravating factors, attributes, data points and reference data.
The range of activities covered in our RedFlag Accelerator Typologies is extensive, including customer expenditure, money flows in and out of accounts, suspicious behaviours observed in bank branches, and many more. To help financial services professionals to adopt the most relevant human trafficking red flags for their organisations, we provide implementation guidance and training.
The RedFlag Accelerator can be used across different geographies and business lines, including retail and and business banking, with end-users ranging from compliance, financial investigations, and data teams to front office staff.
Why you should use the RedFlag Accelerator
Because you care.
No other industry is better positioned to act than ours. Financial data can reveal human trade and child abuse dealings flowing through our systems, hidden in plain view. We process their transactions every day, unknowingly, helping the criminals to run their business without getting caught. Our data is the very key to break this circle.