What does the term "Elder Financial Exploitation" refer to?

The term "Elder Financial Exploitation" specifically refers to financial fraud or abuse that targets elderly individuals. This exploitation can take various forms, including scams, theft, or misuse of an elder's funds, assets, or property, often involving individuals who are trusted by the elder, such as family members, caregivers, or financial advisors. Understanding this concept is crucial in the context of BSA compliance, as financial institutions and professionals are obligated to recognize and report suspicious activities involving potential exploitation to protect vulnerable populations. The focus is on the harmful actions that compromise the financial well-being of the elderly, highlighting the importance of vigilance and proactive measures to prevent such exploitation.