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Alerting law enforcement to elder financial exploitation

How can a bank best aid local law enforcement?

Timely and complete filing of SARs is a great first step. Law enforcement relies on SARs to be effective, but it’s also important to note that seniors may need to be willing to prosecute. Seniors might be unwilling to do so because of family relationships or fear of retaliation from a caregiver, particularly if they are the abuser. The bank must be sensitive to their customer’s interests. If the bank does determine a SAR is needed, it should follow FinCEN guidelines for submitting the report. Also, be aware of the provisions in the Gramm-Leach-Bliley Act that allow bankers to share limited non-public personal information in cases where financial fraud against seniors is suspected. You are sharing information for the benefit of your customer, not the bank or the law enforcement agency.
Learn more about Susan Costonis‘s webinar
Who’s Stealing Grandma’s Money? — Elder Financial Exploitation

First published on 03/24/2019

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