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JavaScript seems to be disabled in your browser. This podcast is provided as is. Today's top 483 Financial Controller jobs in Frankfurt, Hesse, Germany. Share & print And are there any trends and concerns emerging from FINRA exams? FINRA actually hosted a virtual conference panel called "Financial Crimes, Trends and Responses in the Midst of a Pandemic," and it discussed the various threats of financial crimes that are targeting seniors as well as other investors, especially in this pandemic environment and the necessity for financial institutions and regulators to shift their tactics. Some may be relying on others for their physical well-being and financial management duty, their cognitive or physical decline. If you haven't to listened to that from an audience perspective, we would certainly encourage you to go back and check that one out. It highlights new EFE typologies and potential red flags and builds upon arelated advisory issued in 2011. And the Department of Justice actually has an Elder Justice Initiative that is focused on supporting and coordinating efforts to combat elder abuse and financial fraud targeting seniors across the country. The Federal Financial Supervisory Authority (henceforth referred to as BaFin) is responsible for the investigation in cases of suspected insider trading and market manipulation at the federal level. An on-demand recording will be available after the live presentation. So, it's an area where effective communication throughout the organization is crucial to make sure that folks in compliance and in the business are aware of what red flags need to be escalated to AML for further review. And I also feel the name will really allow us to grow in the future as well. Brooke Hickman: So many of the red flags of an AML program are the same as the red flags of potential financial exploitation. The reports provide unique data on these suspicious activities, which can enhance ongoing efforts to prevent elder financial exploitation and to punish wrongdoers. Compliance with any recommended conduct presented does not mean that a firm or person has complied with the full extent of their obligations under FINRA rules, the rules of any other SRO or securities laws. Firm compliance professionals can access filings and requests, run reports and submit support tickets. CFPB, Federal Agencies, State Agencies, and Attorneys General. Your financial institution is required to protect senior account holders from exploitation by spotting red flags, such as the following: Changes in mailing address or . Kaitlyn Kiernan: As we learned on our last episode, Jason works with the AML Specialist Team under Member Supervision's National Cause and Financial Crimes Detection Program. Financial institutions include banks, broker/dealers, and other financial institutions. Financial institutions can report suspected financial exploitation to appropriate federal, state and local authorities and file a Suspicious Activity Report (SAR) with FinCEN. And we really can't overstate the usefulness of SAR information and the ability to generate leads for federal, state and local law enforcement in this area, as well as their ability to inform regulatory agencies such as the Consumer Financial Protection Bureau or CFPB, the SEC, and FINRA as well, where the analysis of these SARs can enable these agencies to really understand critical intelligence about the specific frauds or trends and typologies that are being used to target these vulnerable customers and to really address and mitigate this threat. And then they make up some kind of story about an illness or a financial hardship and they ask the target for money. Transcripts are generated using a combination of speech recognition software and human editors and may contain errors. The Advisory identifies 12 behavioral and 12 financial red flags to help financial institutions detect, prevent, and report suspicious activity connected to EFE. Secure .gov websites use HTTPS New Financial Analyst jobs added daily. They pointed out how SARs can and have been used to trigger investigations, support ongoing investigations and to identify previously unknown subjects and entities that are unfortunately targeting the vulnerable elder customers in the marketplace. And like I said before, preventing the money from leaving the account is the main goal, because once it leaves, it's not coming back. This webinar will discuss common scams targeting older adults, red flags and will discuss reasons for cognitive decline. The Advisory observes that financial institutions may be required under state law to report suspected EFE to law enforcement and/or Adult Protective Services. And firms will also want to make sure that they're reasonably testing to ensure that the red flags they expect to be escalated are actually being escalated and the process is working as designed. The content of the podcast does not constitute any rule amendment or interpretation to such rules. The Advisory provides that SARs filed on suspected EFE schemes should reference the Advisory and mark the check box for Elder Financial Exploitation in SAR Field 38(d). So, the listeners might find that virtual conference helpful as well. Jason Foye: So, I would say that we've definitely see an increase in collaboration throughout NCFC and even FINRA more broadly over the last 12+ months. And then they make up some kind of story about an illness or a financial hardship and they ask the target for money. So, if an institution, through the course of their compliance and AML reviews come across these red flags and determine that a SAR is warranted in a specific situation, FinCEN also requested that financial institutions do certain things within the SAR that make it easier for FinCEN to target the SAR filings, run analysis on them and so on. Definitely, yeah. SAR forms have a special category for "elder financial exploitation." The Bank Secrecy Act (BSA) requires SAR filing when mandatory BSA requirements are present. On the last episode, we looked at the intersection of a firm's AML and cybersecurity risks. They pointed out how SARs can and have been used to trigger investigations, support ongoing investigations and to identify previously unknown subjects and entities that are unfortunately targeting the vulnerable elder customers in the marketplace. So, if our listeners have any ideas for other topics they want to look at with regard to AML, we definitely encourage you to let us know at [emailprotected] Otherwise, until next time. And the Department of Justice actually has an Elder Justice Initiative that is focused on supporting and coordinating efforts to combat elder abuse and financial fraud targeting seniors across the country. So, if our listeners have any ideas for other topics they want to look at with regard to AML, we definitely encourage you to let us know at. Parties may not reproduce these podcasts in any form without the express written consent of FINRA. A 2019 study by the FTC showed that people lost more money to romance scams in the previous two years than to any other fraud. Have a team that needs training? Between that and the other virtual conference panel, I think our listeners have a lot of good resources to check out. Adept in Electro-Optical (EO), Synthetic Aperture Radar (SAR), Literal Thermal, and Multi-Spectral Imagery (MSI). Kaitlyn Kiernan: A broker-dealer firm's anti money laundering efforts may overlap with any number of other regulatory concerns. This report presents the findings of a study of elder financial exploitation Suspicious Activity Reports (EFE SARs) filed with the federal government by financial institutions such as banks and money services businesses between 2013 and 2017. . Kaitlyn Kiernan: And are there any trends and concerns emerging from FINRA exams? They released an advisory in February of 2011 regarding the filing of suspicious activity reports on elder financial exploitation, specifically. But I think that with everyone being remote and being at home and separated from their families, in a lot of instances, you're seeing a little bit of uptick in the space because it's the most susceptible time. On the last episode, we looked at the intersection of a firm's AML and cybersecurity risks. Education is huge. Kaitlyn Kiernan: Welcome to FINRA Unscripted, I'm your host, Kaitlyn Kiernan, thanks for joining us for the second part of our series on overlapping regulatory risks and responsibilities, this time for a look at the intersection of a firm's AML and senior investor protection responsibilities. Financial institutions and their employees are really well positioned to educate their elder customers and caution them against potentially exploitative transaction, which we found really does go a long way in helping to prevent financial losses to elders, because if you're able to educate them and stop the money from leaving the account to begin with, that's most helpful because really, once it leaves, it's never coming back. In this context, please be advised that the TSO is obliged to maintain confidentiality in accordance with the Exchange Act and the Market Abuse Regulation and is not permitted to inform the whistleblower on the results of their investigation. That's good to know. But I think the important takeaway that FinCEN was really trying to emphasize was how the AML program can be used as a way to complement and strengthen those existing policies and procedures that firms already have in place. We do state outreach to state securities administrators and we'll make referrals to them for issues that are outside the jurisdiction of FINRA. Brooke Hickman: While there are certain red flags in terms of activity in the customer's account that an AML department may be in the best position to detect, there is other red flags based on interactions with the customers that areas of the firm who are on the front line will likely be in the best position to detect. Filing SARs And this, for a lot of reasons already covered, this is a huge focus for law enforcement and other agencies and regulators right now. Kaitlyn Kiernan: Well, that's it for the second part of our AML deep-dive series. Financial abusesometimes called financial exploitationis a form of elder abuse. Learn how in our upcoming webinar: BankersWeb, a division of CareerLearning, wants you to be satisfied with your webinar. So, I would say that we've definitely see an increase in collaboration throughout NCFC and even FINRA more broadly over the last 12+ months. These are risks that are always evolving and it's critical that we work together to make sure we're all staying on top of the risks in order to effectively detect, deter and counter misconduct in the securities industry. National Adult Mistreatment Report System (NAMRS) Press Release Podcast Education is huge. As far as general questions about trading on the Frankfurt Stock Exchange and Eurex Deutschland are concerned, the staff of the Investor Center will be available by email at [email protected] or you may call +49 69 21118310. A lock (LockA locked padlock) or https:// means youve safely connected to the .gov website. This is the first public analysis of EFE SAR filings since the Financial Crimes Enforcement Network . This isnt the first time, or the last time, that FinCEN and the CFPB have got together to provide guidance or information to the industry in this way. And the FINRA Investor Education Foundation has used data from the Rush Memory and Aging Project to create research studies that explore the relationship between the aging brain and important outcomes for financial decision making. Changes in mailing address or contact information, Wires to a new boyfriend/girlfriend or a niece/nephew in trouble, A new caregiver with suspicious behaviors, Certified Anti-Money Laundering Specialist (CAMS) since 2005, Bank Secrecy Act Officer for a billion-dollar bank, Teaching anti-money laundering classes since 2008, Has talked with over 500 BSA officers throughout the USA and Caribbean, Spent over 20 years in retail banking, wholesale mortgages, and financial services. On this episode, we're taking it a step further. A big reason for that is just by the nature of the client relationship and information collected through AML rules and regulations. How much do these topics overlap? SAR narratives of a statistically representative sample indicated that 77% of reported elder financial exploitation scams involved money transfer scams conducted through MSBs. Brooke Hickman: One team, one fight, that's what we like to say. But we would encourage the audience to check out the information on FINRA's website and we would definitely encourage anyone listening who believes that they have identified red flags of potential elder financial abuse or exploitation to reach out to us at the Senior Helpline and for audience members in the industry who may have AML responsibilities, to the extent that a SAR is filed that involves potential elder financial exploitation involving a FINRA registered person or member, we would encourage you to reach out to the Helpline and let us know about the SAR so that we can quickly review the information and determine the appropriate next steps. And why is it so important to file a SAR for an incident involving financial fraud? If you haven't to listened to that from an audience perspective, we would certainly encourage you to go back and check that one out. Is there any general guidance you can provide? Below is a transcript of the episode. Related Videos. Brooke and Jason, welcome back to the show! It appears that 2022 has a similarly high volume. Since 2013, over 180,000 EFE SARs were filed, involving more than $6 billion in funds. We kindly request you to direct any questions regarding specific orders or transactions to your order . They click on the pop up and it allows someone to gain remote access to their computer, but then they also gain access to their financial accounts as well and are able to funnel money out of the accounts. Now we're remote, but Jason, you also have moved up to the New York office. According to the Advisory, older adults defined by FinCEN as anyone 60 years or older are targets for financial exploitation due to their income and accumulated life-long savings, in addition to the possibility that they may face declining cognitive or physical abilities, isolation from family and friends, lack of familiarity or comfort with technology, and reliance on others. 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