Identifying and Reporting Human Trafficking; FBAR Clarification

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The Financial Crimes Enforcement Network (FinCEN) issued an advisory to help financial institutions identify and report human trafficking. It is imperative that financial institutions enable their detection and reporting of suspicious transactions by becoming aware of the current methodologies that traffickers and facilitators use.

It is also critical that customer-facing staff are aware of behavioral indicators that may indicate human trafficking, as the only outside contact for victims of human trafficking may occur when visiting financial institutions. This advisory supplements FinCEN's 2014 Guidance on Recognizing Activity that May be Associated with Human Smuggling and Human Trafficking -- Financial Red Flags.

Click here for the new advisory.

Clarification on FBAR Reports
FinCEN has also announced that victims of the California wildfires and other natural disasters across the nation have until Dec. 31 to file Reports of Foreign Bank and Financial Accounts (FBAR) for the 2019 calendar year.

The FBAR for calendar year 2019 otherwise would be due on or before Oct. 15.

FinCEN is offering this expanded relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance due to the wildfires on affected areas. Should FEMA designate FBAR filers in other localities affected by these natural disasters as eligible for individual assistance at a later date, they will receive the same filing relief automatically.

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