FinCEN issues analysis on elder financial exploitation

April 24, 2024 by America's Credit Unions

The Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis focusing on patterns and trends identified in Bank Secrecy Act (BSA) data linked to Elder Financial Exploitation (EFE) – the illegal or improper use of an older adult’s funds, property, or assets.

FinCEN examined BSA reports filed between June 15, 2022, and June 15, 2023, that either used the key term referenced in FinCEN’s June 2022 EFE advisory or checked “Elder Financial Exploitation” as a suspicious activity type.

This amounted to 155,415 filings over this period, indicating roughly $27 billion in EFE-related suspicious activity.

FinCEN has continued to receive EFE BSA reports, averaging 15,993 per month between June 15, 2023, and January 15, 2024.