Description

Learn how to prepare an effective SAR narrative that meets examiner scrutiny and provides necessary details for law enforcement agencies.

Course Description

Older adults are a growing population in the United States as well as a growing target for scams. FinCEN received more than 72,000 Suspicious Activity Reports from banks for Elder Financial Exploitation in 2021. The volume of reported exploitation from 2019 to 2020 rose 31%.

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.

Banks should report suspected elder financial exploitation to all appropriate federal, state, and local authorities, regardless of whether reporting is mandatory. Banks should also file a Suspicious Activity Report (SAR) with FinCEN explaining any suspected financial abuse activity. This webinar will help you recognize the 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 growing problem.

Areas Covered

• Types of senior financial exploitation
• Various schemes and methods 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?

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 and detail each of them: the introduction, the body, and the conclusion 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 staf

About The Instructor

Doug Keipper is Vice President, BSA/AML Officer at BankSouth.

• Certified Anti-Money Laundering Specialist (CAMS) since 2005
• Bank Secrecy Act Officer for a billion-dollar 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

View other webinars from Doug Keipper:

Beneficial Ownership, Customer Due Diligence and The New Rules