IBA Compliance Connection

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We are preparing for staff refresher training on elder financial exploitation early next year. Can you confirm that Illinois still does not make bank employees mandatory reporters of suspected elder abuse?

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admin

Yes, we can confirm that banks and their employees are not mandatory reporters of suspected elder abuse in Illinois — such reporting is purely voluntary.

For resources related to our guidance, please see:

  • Adult Protective Services Act, 320 ILCS 20/2(f-5) (The definition of “mandated reporter” does not include financial institutions or their employees.)

  • Illinois Banking Act, 205 ILCS 5/48.1(b)(16) (The prohibition on disclosing a customer’s financial records does not apply to the “furnishing of information to law enforcement authorities, the Illinois Department on Aging and its regional administrative and provider agencies, the Department of Human Services Office of Inspector General, or public guardians: (i) upon subpoena by the investigatory entity or the guardian, or (ii) if there is suspicion by the bank that a customer who is an elderly person or person with a disability has been or may become the victim of financial exploitation.”)

  • Illinois Financial Exploitation Training Rules, 89 Ill. Adm. Code 271.120(c) (“Completion of the B*SAFE (Bankers and Seniors Against Financial Exploitation) training program, developed by the Department on Aging, may be used to satisfy the training requirements of this Section.”)