BSA-AML Examiner School eBook

Internal Use Only

California Elder Financial Exploitation Law Penalties for Failure to Report o A civil penalty of up to $1,000 may be imposed for failure to report a suspected incident of financial abuse of an elderly or dependent adult. But if the failure is willful, the penalty may increase up to $5,000. The financial institution that employs the mandated reporter must pay the fine. Penalties for Unlawful Disclosures o Under the Act, reports of suspected incidents of financial abuse of an elderly or dependent adult are confidential. They may not be disclosed to the financial institution’s other employees unless they are trained and qualified to serve on a multidisciplinary personnel team. And the disclosure is relevant to the team’s educational efforts to identify, prevent and detect financial abuse. Outside the financial institution, reports may be disclosed only to certain specified public agencies, such as an adult protective services agency and law-enforcement authorities. Unlawful disclosure is a misdemeanor (up to six months in county jail) and may also result in a $500 fine, or both. But the Act does not specify who may be punished or how culpability is determined. California examiners, review policy and procedures, training for all bank employees, Adult Protective filed reports and any SARs file with regards to Elder Abuse.

State laws and procedures will vary by State. Slides are based on California law.

Internal Use Only

FinCEN Priorities