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Wisconsin Credit Union Foundation

FinCEN Guidelines on Reporting Elder Financial Exploitation

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.

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Type of Event
On Demand Webinar

Who Should Attend
  • On Demand
  • Webinars
  • Member Services
  • IT
  • Compliance

Purchase

Description

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.

Learning Objectives

  • 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

Speaker

Susan Costonis, CRCM, Compliance Consulting & Training for FIs

Investment

$259.00