Identifying Elder Financial Exploitation & Writing Effective SAR Narratives

Course Overview

The Financial Crimes Enforcement Network (FinCEN) received over 155,000 suspicious activity reports (SARs) from financial institutions between June 15, 2022, and June 15, 2023, related to elder financial exploitation (EFE). The total amount of suspicious activity reported was roughly $27 billion.

Banks should report suspected EFE to all appropriate federal, state, and local authorities, regardless of whether reporting is mandatory. Banks should also file a SAR with FinCEN explaining any suspected financial abuse activity.

This 90-minute webinar will help you proactively recognize signs of elder financial exploitation, discuss how to write and file an effective elder abuse SAR, and offer strategies to protect your older customers against this rapidly growing problem. The presenter will use case studies and scenarios to cover methods used to defraud the elderly and how to write effective and compliant SARs for the scenarios discussed.

Areas Covered

• Types of EFE or Senior Financial Exploitation
• Various schemes and methods that are currently used to defraud the elderly
• Red Flags of elder abuse that all banks and credit unions should be monitoring
• FinCEN Advisory
• How to write and file effective SAR narratives for elder financial exploitation
• Reporting requirements and tips for both online and verbal reporting
• Case studies and learnings covering writing requirements and State requirements
• Resources that will be helpful to officers and managers in charge of monitoring financial exploitation of elderly customers.

Why should you attend?

According to the U.S. Department of Justice about 1 in 10 people aged 65 and older suffer some form of abuse, including neglect and financial exploitation. In many cases of financial exploitation, the cost of abuse goes far beyond monetary loss resulting in trauma, depression, and anxiety for the victims.

This webinar will provide a comprehensive review of how to prepare an elder abuse SAR narrative. We will break it down by its key components – the introduction, the body, and the conclusion – and detail each with examples.

Who will benefit

• Compliance officers
• Chief compliance officers
• Compliance analysts
• Risk managers
• Compliance attorneys
• Bank or financial institution managers
• Bank or financial institution officers
• Board members
• BSA/AML officers
• BSA analysts
• BSA investigators
• Internal and External Auditors
• Audit Committee Members
• Chief Risk Officers
• Enterprise Risk Management Staff
• Risk Officers
• Compliance Staff
• Financial systems managers
• Banking operations managers
• Business operations managers
• Risk management staff

About the Instructor

Doug Keipper, MBA, CAMS, CACTS

• Certified Anti-Money Laundering Specialist (CAMS) since 2005
• Former Vice President and Bank Secrecy Act Officer for a billion-dollar bank
• Former Special Teams Senior BSA/AML Investigator at a $220 billion bank.
• Sold BSA software for eight years
• Teaching anti-money laundering classes since 2008
• Has talked with over 500 BSA officers throughout the USA and Caribbean
• Spent over 20 years in retail banking, wholesale mortgages, and financial services

Refund Policy

Attendees may cancel up to two working days prior to the course start date and the refund will be processed within two working days.

We will process/provide a refund if the webinar is canceled. Refunds will not be given to participants who do not show up for the webinar. On-demand Recordings can be requested in exchange. Webinar may be canceled due to lack of enrollment or unavoidable factors. Attendees will be notified 24 hours in advance if a cancellation occurs. Substitutions can happen at any time.

If you have any concerns about the content of the webinar and are not satisfied please contact us at care@thecomplyguide.com