Federal and state financial regulators and the Financial Crimes Enforcement Network (FinCEN) issued a statement that offers best practices for combatting elder financial exploitation.
Why it matters: A FinCEN financial trend analysis of Bank Secrecy Act reports over a one-year period ending in June 2023 found that about $27 billion in reported suspicious activity was linked to elder financial exploitation.
Among the best practices that financial institutions may consider implementing, include:
- Enhancing or creating risk-based policies, internal controls, employee codes of conduct, ongoing transaction monitoring practices, and complaint processes to identify, measure, control, and mitigate elder financial exploitation.
- Providing clear, comprehensive, and recurring training for their employees on recognizing and responding to elder financial exploitation.
