FinCEN Guidelines on 
Reporting Elder Financial Exploitation
Thursday, July 11, 2019
3:00 pm – 4:30 pm Eastern

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:

o Elder financial exploitation resources
o Example of an actual EFE scam
o Checklist for completing a SAR that involves EFE
o Report template for reporting suspected fraud to APS and law enforcement
o Employee training log
o 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.

Speaker

Susan Costonis, CRCM, Compliance Consulting and Training for FIs

Susan Costonis is a compliance consultant and trainer who began her career in 1978.  She specializes in compliance management along with deposit and lending regulatory training.  Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies.  She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve.  Susan has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado.  She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real-life examples.

Attendance verification for CE credits provided upon request.

Webinar Sponsored by Financial Education & Development

If you are having issues with registering online, please contact CBAO's Education & Training Coordinator, Lianne Simeone, (614) 610-1877.