June 15 is Elder Abuse Awareness Day, with the aim to highlight the growth in crimes targeting the elderly population. Vastly underreported, elder financial exploitation (EFE) is estimated to impact countless elderly Americans each year and is a growing concern. Victims can lose their savings and investments – severely impacting their personal well-being and financial security.
These variety of scams impacting elderly victims can oftentimes be tied to other financial crimes and criminal networks. As highlighted in the AML/CFT Priorities, predicate crimes that generate illicit proceeds and are laundered pose a major threat to the financial system. Improving the efficiency and effectiveness of the nation’s AML/CFT regime is essential.
The slides from our panel discussion with industry experts look at the scope of the problem EFE poses and the role financial institutions play in addressing and preventing them.
