Banks Turn to Bitcoin Tracking in Fight Against Human Trafficking

Banks Turn to Bitcoin Tracking in Fight Against Human Trafficking

The following is an excerpt from an article published on CoinDesk in which BitAML founder, Joe Ciccolo, contributes his insights on tracking illicit profits from human trafficking on the blockchain.

[B]etween 2005 and 2012, there were 25 human trafficking convictions in the country, with the International Labour Organization (ILO) estimating a total of 20.9 million victims of human trafficking around the world. Globally, total profits generated from the industry are estimated by ILO to be $150bn.

Helping track those profits is Joe Ciccolo, the second half of the so-called ‘Bitcoin Joes’ as they’re known in the AML industry, along with Joseph Mari.

On 9th March, Ciccolo’s BitAML is speaking at a sister-event to the Toronto gathering hosted by the Chicago chapter of ACAMS. Also scheduled to attend is the state’s Illinois Blockchain Initiative, first reported by CoinDesk, the president of Chicago-based Burling Bank, the CEO of bitcoin ATM company Digital Mint and more.



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