Financial Exploitation of Specified Adults

What this video covers

• The two categories of specified adult: age 65 or older, or age 18 or older with a mental or physical impairment that prevents self-protection
• Why a frontline registered representative cannot place a temporary hold, and which titles in supervisory, compliance, or legal capacity have authorization power
• The precise duration ladder: 15 business days initial, up to 25 business days with internal review support, and up to 55 business days when reported to a state regulator, agency, or court
• Why the hold applies to both disbursements and securities transactions, yet freezes only the specific suspicious transaction while normal account activity continues
• The mandatory versus voluntary nature of the trusted contact person: reasonable efforts to obtain, but account opening proceeds without one
• Why the trusted contact person has zero authority over the account and serves only as an information resource for exploitation concerns, diminished capacity, health status, or contact verification
• How to distinguish the trusted contact person from account owners and those holding legal power of attorney