Stay Alert with Athene’s Financial Crime Programs

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Anti-Fraud

Elder financial abuse is often committed by someone that an elder person knows and trusts. This may include family members, Powers of Attorney (POAs), caregivers, friends, guardians/conservators, landlords and fellow worshippers. Financial exploitation may include forging checks, taking retirement or Social Security benefits, and using credit cards and bank accounts without permission.

Signs of financial exploitation

  • Uncharacteristically large transactions
  • Disregard for fees/penalties associated with a disbursement
  • An increase in account activity after a POA is added
  • Voice and/or signature inconsistencies
  • Withdrawal requests via email
  • Family, friends or caretaker controlling conversations
  • Changes to the contract owner’s contact information

The Senior Safe Act of 2018

The Senior Safe Act protects “covered financial institutions” (Athene) and their eligible employees
(insurance producers) from liability in any civil or administrative proceeding where a report of potential exploitation of a senior citizen (age 65+) has been made. This immunity is provided as long as you receive training on how to identify and report exploitative activity against seniors before making a report, and that the reports are made “in good faith” and “with reasonable care.” 

Anti-Money Laundering

As a financial professional, you’re responsible for helping to identify and deter money laundering activities. Here are five acceptable forms of payment rules you need to know about prior to submitting an Athene annuity application:

  • Personal check from a U.S. bank account with a preprinted name and address.
  • Cashier’s check if the owner is remitting from a U.S. bank account.
  • Wire transfer if funds are transferred from the U.S. bank account where the owner of the contract is the originator.
  • Third party check if originated from a U.S. insurance company, financial institution or pension plan and is properly endorsed to Athene.
  • 1035 exchange check if received form a U.S. bank, insurance company or financial institution.

We’re here to help! If you suspect a financial crime, please contact Athene for assistance: