Regulatory Alerts2011-02-22 | FinCEN Advisory - FIN-2011-A003Added
Advisory to Financial Institutions on Filing Suspicious Activity Reports Regarding Elder Financial Exploitation
FinCEN requests that financial institutions include the term "elder financial exploitation" in the narrative portion of all relevant Suspicious Activity Reports filed regarding suspected cases. The advisory provides specific red flags, such as erratic banking transactions or unusual caregiver interactions, to assist institutions in identifying potential exploitation. It clarifies that the potential victim should not be reported as the subject of the SAR, but rather included in the narrative, while filers must continue to report all forms of elder abuse according to institutional policies and applicable state and local laws.