Officers and Employees of financial institutions in California are mandated to report suspected elder financial abuse, and required to submit a special report known as the Report of Suspected Dependent Adult/Elder Financial Abuse (SOC 342). The oral or written report may be made to the adult protective services agency (APS) in the county where the apparent victim resides, or to a law enforcement agency in the county where the incident occurred. If the mandated reporter knows the apparent victim resides in a long-term care facility, the report must be provided to the local ombudsman or local law enforcement agency. The mandated reporter must first report the incident by telephone, followed by a written report within two working days, using the SOC 342 form.
State and Federal Initiatives Guidance
The State of California Welfare and Institutions Code Sections 15630-15632 describe mandated reporting requirements and details.
Federal regulatory agencies agree that reporting suspected elder financial abuse is not in violation of the privacy provisions of the Gramm-Leach-Bliley Act. Several federal agencies issued the Interagency Guidance on Privacy Laws and Reporting Financial Abuse of Older Adults to clarify this aspect of reporting financial elder abuse.