Under a new federal law signed on May 24, 2018, financial service providers will be encouraged to report suspected financial abuse through the promise of immunity since there are certain federal privacy laws in effect. Banks and financial advisors are the first to witness clients making unusual withdrawals of money and will now be encouraged to report such activity. This law is directed towards customers aged 65 or older which is the age group in which financial exploitation is prevalent. The financial service providers must go thru training on how to identify and report the suspected exploitation. Over the last 10 years, consumer advocates, state legislators, senior advocates and AARP have lobbied for some sort of reporting process and this is a step in the right direction.
