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Payments Hot Tip: Addressing Elder Financial Exploitation

A financial institution (FI) 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. All statutorily defined financial institutions may voluntarily report suspicious transactions under the existing suspicious activity reporting safe harbor.

ThreatAdvice and Southern Financial Exchange Forge Partnership to Enhance Fraud Prevention for Financial Institutions

Payments Hot Tip: How to Comply in Third-Party Relationships