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Compliance Question of the Week
In today’s banking environment as soon as one big new regulation is implemented another pops up. Our compliance resources help your community bank stay one step ahead of the regulators.
When it comes to financial elder abuse, a bank needs to be proactive. What are some red flags that will help staff be able to spot potential elder abuse?
Red flags that may indicate elder abuse include:
- Older consumers confused by or unaware of account changes.
- New third party speaking for an older adult
- Address changes followed by account changes
- Older consumer appears newly distressed, unkempt
- Sudden increase in monthly cash withdrawals
- Uncharacteristic non-sufficient funds activity
- Atypical ATM withdrawals
- New spending patterns followed by the addition of an authorized user.
Reference: FFIEC BSA AML Examination Manual (Appendix F).