By Stephen Nakrosis
Polaris, an organization working to fight human trafficking, on Thursday said it was creating a Financial Intelligence Unit with financial and other support from PayPal Holdings Inc. (PYPL).
Polaris said the new unit "is designed to leverage intelligence from the U.S. National Human Trafficking Hotline and other sources to interrupt trafficker cash flows and enable prosecutions for financial crimes including money laundering."
Sara Crowe, director of Polaris's Strategic Initiative on Financial Systems, said "Thanks to our partnership with PayPal, anti-money laundering professionals will have more opportunity than ever to share information, identify new techniques to effectively zero-in on those who profit off of the exploitation of others, and provide actionable information to law enforcement."
"PayPal and Polaris coming together is a great example of private and non-profit entities joining forces to achieve a positive social impact that neither party could fully realize on their own," said Aaron Karczmer, chief risk officer and EVP, Risk, Regulatory, and Protection Services of PayPal.
--Write to Stephen Nakrosis at email@example.com