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Elder Financial Exploitation (EFE) - Reporting Requirements and Best Practices expired_event - Event is a Draft



Seniors lose approximately $2.9 billion annually to financial abuse – and with baby boomers retiring every day, along with an estimated $12 trillion in wealth transfers expected to take place between generations, that number will continue to grow. WHO IS STEALING GRANDMA’S MONEY AND WHAT DOES YOUR FINANCIAL INSTITUTION NEED TO DO?


Financial institutions can play a key role in detecting, responding to, and preventing EFE (Elder Financial Exploitation) because they are often well-positioned to detect when older account holders have been targeted or victimized. Additionally, there are requirements to report suspicious activity under the Bank Secrecy Act rules.  FinCEN has issued advisories regarding EFE and added a specific field for reporting this type of crime on the SAR (Suspicious Activity Report). The CFPB (Consumer Financial Protection Bureau) published an important advisory on July 17, 2019 that urged financial institutions to report suspected EFE to appropriate local, state and federal authorities. As of April 2019, twenty-six states plus the District of Columbia mandate reporting suspected EFE by financial institutions.


  • The scope of elder financial exploitation and the challenges of preventing fraud targeting senior customer
  • Potential red flag indicators of elder financial exploitation from the FinCEN Advisory
  • Recognizing and preventing scams
  • Protecting accounts of the elderly
  • Best practice for reporting elder financial exploitation including BSA and SAR requirements
    • What is required?
    • What should be included in the SAR for EFE?
  • Examples of law enforcement use of suspicious activity reports for EFE and tips for preventing financial exploitation
  • How can suspected financial fraud be reported to APS (Adult Protective Services)?
  • How can financial institutions provide information without violating the customer’s privacy?
  • Elder financial exploitation resources
    • Examples of an actual EFE scam
    • Checklist for completing a SAR that involves EFE
    • Report template for reporting suspected fraud to APS and law enforcement


This informative session will help Frontline employees, tellers, branch managers, compliance officers, security officers, and BSA officers gain an understanding of the scope of elder financial abuse and the actions required to combat this growing criminal activity.


Susan Costonis is a compliance consultant and trainer.  She began her banking career in 1978 and specializes in compliance management along with deposit and lending regulatory training.

Susan has successfully managed compliance programs and exams for institutions that ranged from a community bank to large multi-state bank holding companies.  She has been a compliance officer for institutions supervised by the OCC, FDIC, and Federal Reserve.  Susan has been a Certified Regulatory Compliance Manager since 1998, completed the ABA Graduate Compliance School, and graduated from the University of Akron and the Graduate Banking School of the University of Colorado.  She regularly presents to financial institution audiences in several states and “translates” complex regulations into simple concepts by using humor and real life examples.

Price: $275.00

Start Time: 11:00 am
End Time: 1:00 pm

Date: November 14, 2019

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