Detection and Reporting of Elder Financial Abuse

Author: John T. Wood, CAMS-Audit

While there are many different types of compliance structures within the financial services industry, at many institutions the BSA group offers a unique opportunity for improving early detection of elder financial abuse. Implementation into a bank’s existing program should not be a tremendous undertaking if a financial institution’s compliance program already has a solid foundation in place based on the four pillars of a BSA/AML compliance program as described in the FFIEC BSA Exam Manual.

As part of the research for this white paper, 44 financial institution BSA professionals were surveyed on the state of elder financial abuse monitoring at their institutions. The institutions of the BSA professionals surveyed ranged in asset size from small community bank to over $16 billion. The survey responses are included throughout this white paper. The goal is to equip BSA professionals with information from their colleagues so that they may in turn, better address elder financial abuse at their own institutions.

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