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Elder Abuse: Combating Financial Exploitation of Your Customers 1

Elder Abuse: Combating Financial Exploitation of Your Customers

Welcome to the ACAMS &

MoneyLaundering.com Web Seminar

Elder Abuse: Combating Financial

Exploitation of Your Customers

January 18, 2012 – Noon to 1 PM EST

A sound check will be performed 5 minutes before web seminar

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Elder Abuse: Combating Financial Exploitation of Your Customers

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• Can you hear the

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• It has begun

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Q&A To send a question:

• Locate the Q & A box on the bottom right

hand corner of the WebEx platform.

• Type in your question and click send!

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Elder Abuse: Combating Financial Exploitation of Your Customers

Elder Abuse: Combating Financial Exploitation of Your Customers 6

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Moderator:

John Byrne, CAMS

Executive Vice President, ACAMS

Speakers: Kieran Beer Editor-In-Chief, MoneyLaundering.com and ComplianceAdvantage.com.

Elizabeth Loewy

Attorney in Charge, Elder Abuse Unit

Special Victims/Special Prosecutions Bureau

New York County District Attorney’s Office

Elder Abuse: Combating Financial Exploitation of Your Customers

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Financial Exploitation: (National Center on Elder Abuse)

is defined as the illegal or improper use of an elder's funds, property, or assets. Examples include, but are not limited to, cashing an elderly person's checks without authorization or permission; forging an older person's signature; misusing or stealing an older person's money or possessions; coercing or deceiving an older person into signing any document (e.g., contracts or will); and the improper use of conservatorship, guardianship, or power of attorney.

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ANNUAL LOSS?

Nationwide:

2.6 BILLION

MatureMarketInstitute@MetLife.com

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Department of the Treasury Financial Crimes Enforcement Network Advisory FIN-2011-AOO# Issued: February 22, 2011 “The Financial Crimes Enforcement Network (FinCEN)

is issuing this advisory to assist the financial industry in reporting instances of financial exploitation of the elderly, a form of elder abuse.”

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ELDER ABUSE

What Does it Look Like?

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Elder Abuse: Combating Financial Exploitation of Your Customers

Red Flags – Warning Signs -

Changes in Banking Activity: • Unusual transactions and inconsistent withdrawals; • New ATM card or increased activity; • Over daily maximum limit; • Sudden insufficient funds; • Bounced checks; nonpayment for services; • Unusual credit or debit transactions; • Wired funds; • New: Internet banking; • Closed CDs, without regard to penalties; • New POA, account holder or other legal documents.

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More Red Flags – Vulnerability Changes in Customers &Companions: • Inability to contact/speak with customer, despite repeated attempts;

• Changes in the older customer; clothing, demeanor, conversation;

• Customer unable to recall or discuss transactions;

• New Caregiver or ‘family member’;

• Senior appears to be frightened, fearful or submissive w/companion;

• Companion – excessive interest; • Companion won’t permit customer to speak for himself/herself.

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Elder Financial Abuse Law Enforcement Issues:

• Did the customer consent to the transfer;

• Assess whether the victim has testimonial capacity (competence);

• Finally, can the theft charge be proven beyond a reasonable doubt?

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Remedies in Criminal Court

Why prosecute?

• Exploitation often ends with investigation and prosecution;

• Order of Protection;

• Social Services for the Senior;

• Restitution may be ordered as a condition of sentence.

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Suspect Elder Financial Exploitation?

Useful Links:

www.ncea.aoa.gov

www.apsnetwork.org

“Report Abuse”

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If you have suggestions for future web seminars

or

additional questions for today’s experts, please send

them to:

training@acams.org

Thank you for joining us today!

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LIVE CHAT:

Preparing for 2012: ACAMS Advisory

Board Members Discuss What's Ahead

January 26 , 2012 – Noon to 1:00PM EDT

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