Nasdaq and TRIBE Freedom Foundation Continue Efforts to Combat Financial Crime
On June 24-25th of 2022, several Nasdaq employees will be running in TRIBE’s Relay across Scotland, a 218 km race, which raises funds to fight human trafficking and end modern slavery. Announced in January of 2022, Nasdaq partnered with TRIBE as part of our ongoing efforts to combat financial crime globally. The partnership will produce the TRIBE Survivor Financial Empowerment Program, a collaboration between financial institutions and survivor-support organizations (SSOs) to promote economic empowerment for survivors and establish a centralized portal to support their long-term financial well-being.
Nasdaq believes it is our role to protect the world’s financial interactions by driving financial crime detection and prevention with the most sophisticated technology, data and insights. As the owner and operator of 28 exchanges and a leading technology provider to the capital markets ecosystem, we are uniquely positioned to be the connective tissue between different industries, regions, partners and compliance silos to track the greater extent of financial crime.
The TRIBE Freedom Foundation specifically focuses on Modern Slavery and Human Trafficking (MSHT) and those victimized by it. Modern slavery encompasses forced and compulsory labor, human trafficking, slavery and servitude, according to the TRIBE Freedom Foundation. In the financial markets, crimes related to MSHT include activities like money-laundering and labor exploitation.
As part of our partnership, Nasdaq’s own employees will be taking part in TRIBE’s relay across Scotland, a 218 km relay race from June 24-25th. Last year, Nasdaq raised 18,000 GBP to fight MSHT while participating in the race.
In addition to raising funds for victims of MSHT, Nasdaq and TRIBE will be launching the TRIBE Survivor Financial Empowerment Program in the third quarter of this year. The portal will contain resources and guidance for financial institutions and SSOs to jointly assist human-trafficked survivors to gain long-term financial independence.
While Nasdaq’s technology plays an important role in detecting and preventing financial crime, educating and protecting the financially illiterate is an essential part of reducing victims of MSHT. While creating this portal, TRIBE has been interviewing U.K. and U.S. financial institutions and SSOs to understand each organization’s current offerings and existing barriers to have a holistic view of survivors’ journey on their road to financial independence.
The site will include guidance and education for financial institutions on how to onboard survivors, whether it’s in person or online—with or without sufficient paperwork—and training for the in-person onboarding staff among other essential services.
Nasdaq hopes this online portal will serve vulnerable communities for many years to come and ensure survivors of MSHT have a well-informed and well-educated support system.
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