Bank employees are only obligated to report elder financial abuse to Adult Protective Services if they are trustees or licensed public accountants, as defined by the Adult Protective Services Act (the ″Act″). Financial institutions and their personnel are excluded from the requirement to report under the Act.

Who is responsible for financial abuse of elders?

Elder financial exploitation is a major societal concern that has to be addressed. In our society, those who work on the ″front lines,″ such as banks and financial institutions, physicians and attorneys, have both a legal and moral obligation to safeguard the most vulnerable members of our society from those who would exploit them.