FinCEN Reminds Firms to File SARs on Elder Financial Exploitation
The Financial Crimes Enforcement Network ("FinCEN") reminded financial institutions to "remain vigilant" in identifying and reporting suspicious activity related to elder financial exploitation ("EFE").
FinCEN referred to a 2024 analysis covering Bank Secrecy Act ("BSA") suspicious activity report ("SARs") data filed by financial institutions between June 15, 2022, and June 15 2023. In that study, FinCEN found 155,415 EFE-related filings from financial institutions reporting $27 billion in EFE-related suspicious activity.
FinCEN said firms should refer potential victims of EFE to the Department of Justice's National Elder Fraud Hotline. FinCEN stated that EFE victims can file incident reports to the FBI's Internet Crime Complaint Center and the FTC.
Related Articles
-
The Financial Services Institute, the Investment Company Institute, the Insured Retirement Institute and SIFMA urged passage of the bipartisan Financial Exploitation Prevention Act, a bill which would permit companies "to postpone securities redemption if they suspect exploitation of seniors or individuals unable to protect their interests."
