Which act requires banks to report instances of suspected fraud against senior citizens?

The required act mandating banks to report instances of suspected fraud against senior citizens is the Senior Safe Act. This legislation was designed specifically to provide financial institutions with the framework and legal protections needed to identify and report cases of potential financial exploitation targeting older adults.

The Senior Safe Act encourages bank employees to recognize signs of fraud and provides a safe harbor for them to report their concerns without fear of legal repercussions. By fostering collaboration between financial institutions and law enforcement, the act aims to enhance protections for seniors and ensure that their financial assets remain secure.

In contrast, while the Patriot Act focuses on preventing terrorism and money laundering, and the Dodd-Frank Act addresses various aspects of financial market reform and consumer protection, neither has a specific focus on the reporting requirements related to fraud against senior citizens. The Bank Secrecy Act, on the other hand, deals more broadly with anti-money laundering and reporting suspicious activities, but it does not contain specific provisions aimed at the protection of seniors from fraud.