Complying with responsibilities around Elder Financial Exploitation
A financial institution is required to file a suspicious activity report (SAR) if it knows, suspects, or has reason to suspect a transaction conducted or attempted by, at, or through the financial institution involves funds derived from illegal activity, or attempts to disguise funds derived from illegal activity; is designed to evade regulations promulgated under the BSA; lacks a business or apparent lawful purpose; or involves the use of the financial institution to facilitate criminal activity, including Elder Financial Exploitation.
For more details, check out our latest Payments Hot Tip.
For common red flags and reminder of your responsibilities, access our on-demand training, Elder Abuse: Exploitation and Fraud Prevention. (3.6 CEUs)