BSA/AML Examiner School eBook

Internal Use Only

Elder Financial Exploitation Advisory issued on June 15, 2022 DEFINED: Illegal or improper use of older adult's funds, property, or assets. Do you have State laws that protect against this type of fraud and abuse?

Internal Use Only

Nebraska Elder Financial Exploitation Law 8-2903(1): When FI reasonably believes the financial exploitation of a vulnerable adult may have occurred, is occurring, FI may: Delay/refuse transaction, delay/refuse to permit withdrawals of funds, prevent change in account, refuse to comply with instructions given to FI by agent of person. 8-2903(3)(a)(i): FI may notify any 3 rd party reasonably associated with a vulnerable adult when exploitation may be occurring. 3 rd party includes, parent, spouse, adult child, sibling, known family member or close associate, authorized contact, co-owner, beneficiary, attorney in fact, trustee, guardian, attorney that has represented vulnerable adult. 8-2903(4): Authority granted in this section end sooner of 30 business days after date FI first acted under Act, or, when FI is satisfied, or termination by order of a court. *Senior Adult (Neb. Rev. Stat. § 28-366.01) Age 65+ *Vulnerable Adult (Neb. Rev. Stat. § 28-371) Age 18+ with substantial mental or functional impairment or a guardian or conservator is appointed