FinCEN Guidelines on Reporting Elder Financial Exploitation

On-Demand Webinar:
StreamedJul 10, 2019Duration90 minutes
  • Unlimited and shareable access
    two business days after live streaming
  • Available on desktop, mobile & tablet devices 24/7
  • Take-away toolkit
  • Ability to download webinar video
  • Presenter's contact info for questions
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Seniors lose approximately $2.9 billion annually to financial abuse.

With baby boomers retiring every day, along with an estimated $12 trillion in wealth transfers expected to take place between generations, that number could continue to grow. Financial institutions can play a key role in detecting, responding to, and preventing elder financial exploitation (EFE) because they are often well-positioned to detect when older accountholders have been targeted or victimized. In addition, there are BSA requirements to report suspicious activity; FinCEN has issued advisories regarding EFE and added a specific field for reporting it on the SAR.

HIGHLIGHTS

  • Scope of elder financial exploitation and fraud-prevention challenges
  • EFE red flag indicators from FinCEN
  • Recognizing and preventing scams
  • Protecting seniors’ accounts
  • Best practices for reporting elder financial exploitation, including BSA and SAR requirements
  • How law enforcement uses EFE SARs
  • Tips for preventing financial exploitation
  • How to report suspected financial fraud to Adult Protective Services
  • How to provide information without violating privacy

  • TAKE-AWAY TOOLKIT
    • Elder financial exploitation resources
    • Example of an actual EFE scam
    • Checklist for completing a SAR that involves EFE
    • Report template for reporting suspected fraud to APS and law enforcement
    • Employee training log
    • NEW – Interactive quiz

WHO SHOULD ATTEND?

This informative session will teach frontline employees, tellers, branch managers, compliance officers, security officers, and BSA officers the scope of elder financial abuse and actions to combat this growing criminal activity.

 

Presented By

Susan CostonisSusan Costonis
Compliance Training & Consulting for Financial Institutions
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