Seniors lose approximately $2.9 billion annually to financial abuse. With baby boomers retiring every day, along with an estimated $12 trillion in wealth transfers expected to take place between generations, that number could continue to grow. Financial institutions can play a key role in detecting, responding to, and preventing elder financial exploitation (EFE) because they are often well-positioned to detect when older accountholders have been targeted or victimized. In addition, there are BSA requirements to report suspicious activity; FinCEN has issued advisories regarding EFE and added a specific field for reporting it on the SAR.
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