Are banks required to have an Elder Abuse Policy? I knew that Elder Abuse was considered reportable under SAR guidelines, but I wasn't sure about having a policy and procedures. I'm in Arkansas here and wondered if it was state law that dictated what was required.

FinCEN's Advisory seems to have created new interest in this topic and that's great. Anyone attempting to identify the law of their state should be able to find it pretty readily with a Google search for:

[state name] and elder financial abuse

In some states banks are mandatory reporters under state law. In others, it's voluntary. To assure continuity in decision making, I suggest you make certain your personnel realize that any suspected financial abuse of the elderly fits squarely under the heading of "suspicious activity" and must be forwarded through normal channels. Raise their knowledge of the symptoms and the issue, but do not dwell on the reporting responsbility or they may get the impression the decision to disclose customer financial information to a third party is theirs, not the bank's.

You could readily come acrss situations where reporting to the state is necessary, but the filing of a SAR is not.

So if a bank is required to gave a policy regarding elder abuse, would it come from state law?

Yes, but it's highly unlikely. The laws that I have seen do not focus on a bank's reporting responsibilities with any specificity.

This may not have everything you need, but it is a place to start.

http://www.ncea.aoa.gov/NCEAroot/Main_Site/Find_Help/State_Resources.aspx

The State of Georgia classifies financial institution employees as mandatory reports of elder abuse. Failure to report could result in being charged with a misdemeanor.


http://aging.dhr.georgia.gov/portal/site...00bf01010aRCRDt

Sorry to drag up an old post but I have an elder abuse case I am working on now. . . my question is. . . how do you determine the amount for the SAR when the abuse is disguised? i.e. our customer's grocery bill averages 1300/mo for a single elderly person.

Whatever method of calculation you use, you're going to make it up just like the USDA did, $281 - $318.60 per month. You can estimate what this person's expenses should be and then attribute the discrepancy (aggregated) to the suspicious activity.

I trust you have more to go on than inflated grocery bills...

of course

I think you need more than just $1300 a month for groceries. This person could be on a special diet or perhaps has someone staying with her in the day and provides them food. There may be a valid reason, but it is something I would look into to. I had a case that I suspected elder abuse - weekly checks to 3 different people started and grocery bill increased. Upon research I discovered this man has caregivers in different shifts that he pays and he provides their food also as they cook for him.

Customers are the most readily available, but oftentimes the most ignored sources of explanatory information regarding suspicious activity.

Regardless, I'm impressed that you both noticed and investigated the anomaly.