Senior Financial Abuse and Exploitation: Understanding Red Flags, Recent Legislation and Collaborative Opportunities

  • When: August 14, 2019
  • Time: 12PM – 2PM ET
  • Level: All

New federal and state laws require financial institutions to take a more proactive role in addressing scams, theft and fraud targeting senior clients, putting financial crime professionals and financial relationship managers on the front lines for fighting this growing problem. The added obligations coincide with a fourfold jump over a four-year period in the number of suspicious activity reports (SARs) filed with the Treasury’s Financial Crimes Enforcement Network (FinCEN) that flagged potential senior abuse to 63,500 in 2017. This in-depth webinar will discuss emerging types of fraud against seniors and other vulnerable people and provide practical strategies for investigating and resolving senior financial abuse.

Learning Objectives

  • Reviewing common typologies for senior financial abuse such as opening lines of credit for no apparent purpose, anomalous spending patterns and cash-out mortgage activity
  • Understanding how to work collaboratively with law enforcement, government authorities and public interest groups, including filing SARs and assembling findings of senior exploitation
  • Examining recent senior financial abuse-related regulations and laws, including FINRA rule changes and the Senior Safe Act
  • Deterring and detecting senior financial fraud by harnessing technology to spot patterns of abuse

Who Should Attend

  • Compliance Personnel
  • Relationship Managers
  • Onboarding Officers
  • Internal Investigations Personnel

Region/Industry

  • Global
  • North America
  • Bank
  • Securities

Pricing

ACAMS Members Non-Members
$245 $445
Register Now Join ACAMS

Moderator

Liz Loewy
  • Elizabeth Loewy

  • Co-founder and Chief Operating Officer
  • EverSafe

Speakers

Charlene Cieslik
  • Melissa J. Acayan, Esq.

  • Compliance Counsel, Senior & At-Risk Clients, Global Functions Compliance
  • Raymond James Financial, Inc.


Jilenne Gunther
  • Jilenne Gunther

  • Director
  • BankSafe/AARP


Kenneth Simmons
  • Kenneth Simmons, CAMS-Audit, CAMS-FCI, CRCM

  • Chief Executive Officer
  • Compliance & AML Solutions

Bio

Ken Simmons has served the Financial Industry for more than 35 years as Chief Compliance Officer for several large and mid-size institutions; General Auditor, and most notably engaged by the OCC & FDIC as an industry Expert for Compliance, BSA & Fair Lending. In these roles, he served as functional EIC for several Mid-Size Banks. He served as a faculty member for the OCC’s Advanced Examination Schools for BSA, Compliance & Fair Lending. Ken holds four professional certifications (CRCM, CAMS-Audit, CAMS-FCI and ACT. Ken has served ACAMS as a faculty & Review Board Member for the past 6 years and contributed to the ACAMS Examination Study Guide.

Ken has had several whitepapers published. He is the author of a whitepaper entitled Learning from the Mistakes of Other: Matter Requiring Attention. This is the only published paper, based on confidential supervisory examination reports of over 100 financial institutions, in the history of the OCC. A second whitepaper Relative – THIEF – Confidant Powers-of-Attorney published in 2015 provides guidance on Powers of attorneys.

Consistently, over the past decade, institutions have engaged Mr. Simmons to build and enhance programs to be proactive. Ken has demonstrated success leading institutions out of Supervisory challenges within 4 to 6 months of engagement. His solutions are simple and effective. His leadership and direction converts the institution from having a “reactive” program to a “Proactive” one. To the question: Why do financial institutions struggle with Compliance? Mr. Simmons stated: “Many institutions struggle because their controls are too complicated and exceed the institutions risk characteristics. It is far more difficult to devise simple & effective solutions (than to implement complicated processes). I believe the most valuable compliance resource for an institution are its own employees. Compliance professionals need only be empowered and provided the opportunity to learn from industry experts.” Ken continues his career providing excellent service to financial institutions through independent engagement.