
Lessons from the survivor inclusion initiative (SII) in the UK, US, and Canada
The briefing provides lessons to achieve financial inclusion of survivors of human trafficking and includes training and accommodations for survivor needs and experiences in compliance and due diligence processes.
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OVERVIEW
The Survivor Inclusion Initiative (SII) is a financial access project launched by the Finance Against Slavery and Trafficking (FAST) in the UK, US, and Canada to achieve financial inclusion for human trafficking survivors by facilitating access to basic banking services. The SII is now in its third year of operations, while an independent expert review was commissioned by FAST to help advance its goals and gather insights.
Survivors of human trafficking face difficulties in accessing basic banking services because of missing documentation and being unable to meet the requirements. However, financial inclusion is vital for survivors to reintegrate into society, enable protection from revictimisation, and access financial compensation and remediation. Therefore, survivors’ inclusion in the banking sector could make a significant difference.
The SII has a strong foundation to provide survivors of trafficking with access to banking products and services, providing financial reintegration into society and enabling increased protection from revictimization. Several challenges remain, such as increasing the volume of referrals, understanding the services offered, and how each financial institution (FI) manages the SII onboarding processes, including compliance and due diligence processes. Also, there is a need to explore new ways for sharing SII practices and knowledge between participating FIs and survivor support organizations (SSOs), as well as opportunities for country-specific and regulatory contexts for SII implementation and expansion. Moreover, financial institutions need to consider the survivor’s needs and experiences in the onboarding process, and compliance and diligence processes at and after account opening.
There are several opportunities to promote financial inclusion for survivors of human trafficking by making banking services more accessible. Survivors would benefit from financial literacy training offered alongside access to basic banking. Establishing information sharing protocols for safeguarding practice when suspicious or problematic activities occur in survivors’ accounts, exploring ways for sharing SII practices and knowledge between participating FIs and SSOs, and learning from international good practice examples of regulatory permissions for financial products/services can help promote survivors’ financial reintegration into society. Lastly, creating a community-led practice forum to communicate about SII management and best practices would be helpful.