CBA Webinars

CBA Team Contact

Jake Fowler

Elder Financial Abuse: Best Practices for Financial Institutions for Early Detection & Timely Reporting

Recorded On: 05/07/2020



Jim Richards, Former Top Banking Executive
Corey Lynch, Product Expert, Verafin


Elder financial abuse is a significant, underreported and growing issue, with devastating effects on individuals and families. Fraudsters will exploit every opportunity for their gain, including seniors’ heightened fear and isolation during the current COVID-19 pandemic. More than ever, financial institutions must be diligent in combating the exploitation of vulnerable customers.

Early detection of red flags and timely reporting to law enforcement are critical to protecting elderly customers from financial loss. This was emphasized in the 2011 advisory from FinCEN, as well as the 2018 Joint Memorandum issued by the CFPB, the US Department of the Treasury, and FinCEN which encourages coordination among law enforcement and adult protective service agencies (APS) to combat elder financial exploitation.

In this insightful webinar, we discuss the scale of elder financial exploitation and outline key considerations from industry publications and guidance, including red flag indicators and best practices for reporting.


  1. The scale of elder financial exploitation and the challenges of preventing fraud targeting senior customers.
  2. How criminals are leveraging the COVID-19 pandemic to target elderly and vulnerable customers.
  3. Potential Red Flag Indicators of elder financial exploitation from the FinCEN Advisory.
  4. Best practices for reporting elder financial exploitation, including Suspicious Activity Reporting, and contacting appropriate local and state-level agencies.


  1. Understand the scale and challenges of elder financial exploitation.
  2. Recognize FinCEN red flags for elder financial exploitation.
  3. Learn best practices for reporting elder financial exploitation.

Have you created an account yet? If you haven't logged in to the CBA registration site before, please click the Create Account button to set up your profile.  This allows the site to recommend programs of interest to you.

Jim Richards

Founder and Principal, RegTech Consulting LLC

Jim Richards is the Principal and Founder of RegTech Consulting, a private consultancy aimed at developing the next generation of BSA/AML and financial crimes professionals, technologies, and programs.

Prior to founding RegTech Consulting, Jim worked for almost 13 years at Wells Fargo & Co. as the BSA Officer and Global Head of Financial Crimes Risk Management. He was a founding member of the Association of Certified Anti-Money Laundering Specialists (ACAMS) Advisory Board, a three-time member of the Treasury Department’s BSA Advisory Group (BSAAG), and the author of Transnational Criminal Organizations, Cybercrime, and Money Laundering. Jim is currently working with Verafin in a role as Senior Strategic Advisor.

Corey Lynch

Product Expert, Verafin

Corey has been an integral part of the Verafin team since 2014. As a Customer Due Diligence/Enhanced Due Diligence (CDD/EDD) and High-Risk Customer Management Product Manager, Corey worked closely with our customer partners to understand their unique product needs and identify areas for future product development. Currently a member of the Sales and Marketing team, Corey shares his wealth of product knowledge with potential customer partners to help them identify the best solutions for their institutions. Corey is passionate about helping Verafin customers achieve their goals and stopping financial crime.


05/07/2020 at 2:00 PM (EDT)  |  Recorded On: 05/07/2020
05/07/2020 at 2:00 PM (EDT)  |  Recorded On: 05/07/2020