RedFlag Accelerator MSHT Typologies: New Release Announced
To mark the Anti-Slavery Day in the UK, commemorated on October 18th, RedCompass has announced an update to the RedFlag Accelerator MSHT Typologies.
The latest release incorporates new flags and scenarios including typologies specific to Africa and Asia, Operation Fort scenario, Covid-19 related trends, and indicators that might reveal cases of trafficking for organ harvesting.
With a more user-friendly layout, extended guidelines, and an improved referencing methodology based on Harvard Standards, the RedFlag Accelerator provide a unique repository of over 184 enhanced and decoded indicators that condense the findings and guidelines of the latest reports from relevant authorities and global institutions.
To make it more impactful and relevant for financial institutions operating in different jurisdictions, the RedFlag Accelerator team has added two new sections on high-risk businesses, with new information about risk factors and cash-intensive business types, and high-risk territories. The latter includes detailed information regarding:
1) the top 40 high-risk origin, transit, and destination countries,
2) the top 40 high-risk countries for domestic (intra-country) trafficking,
3) the top 15 destination countries for organ harvesting and
4) the top 15 high-risk countries for sex tourism.
Additionally, high-risk regions and jurisdictions have been linked to key regional trafficking corridors highlighted in the document.
The release of the new version is more relevant than ever, with recent studies revealing that almost half of UK banks aren’t confident in their ability to identify MSHT signs in their transactions and a projected total cost to detect financial crime of $180.9 billion globally.
The updated RedFlag Accelerator MSHT Typologies, coupled with RedCompass’ expertise in data science, helps financial institutions struggling to detect money laundering patterns connected to MSHT, to increase the effectiveness and efficiency of their detection capacity.