
FinCEN Warns Against Elder Financial Exploitation
On June 15, FinCEN issued an Advisory on Elder Financial Exploitation (“Advisory”) to warn financial institutions about the rising trend of elder financial exploitation (“EFE”), which FinCEN defines as “the illegal or improper use of an older adult’s funds, property, or assets, and is often perpetrated either through theft or scams.” The Advisory is detailed. It highlights new EFE typologies and potential red flags and builds upon a related advisory issued in 2011. It…