Stay Alert with Athene’s Financial Crime Programs

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Our goal is to provide valuable information on an ongoing basis that can help in your efforts to prevent, detect and combat financial crime. These resources can help you understand your obligations.

Anti-Fraud:

Elder Financial Abuse and Exploitation 

Financial exploitation is a form of elder abuse that occurs when someone uses an older adult’s financial information or resources to take money or assets without consent. The National Council on Aging estimates that financial exploitation costs older adults between $2.6 – $36.5 billion annually. 

Older adults may become vulnerable to financial exploitation due to:

  • Memory impairment and decision-making issues
  • Increased dependence on caregivers and family members in positions of trust
  • Tendency to have more financial and real estate assets

Elder financial abuse can take many forms, including:

  • Scams by telemarketers or other con artists
  • Forgery
  • Identity theft
  • Use of undue influence to pressure an older adult to transfer their assets
  • Breach of a fiduciary relationship
  • Misappropriation of financial assets through use of a power of attorney or conservator appointment
  • Unauthorized use of Social Security

The trauma of elder abuse can result in premature death, the deterioration of physical and psychological health, destruction of social and family ties, and devastating financial loss. Common warning signs of financial exploitation include:

  • Sudden changes in bank accounts or banking practices, including unexplained withdrawals of large sums of money by a person accompanying the older adult
  • The inclusion of additional names on an older adult’s bank signature card
  • Unauthorized credit card or debit card activity
  • Abrupt changes in a will or other financial documents
  • Unexplained disappearance of funds or valuable possessions
  • Unpaid bills despite the availability of adequate financial resources
  • Forged signature on financial transactions or titles to an older adult’s possessions
  • Sudden appearance of previously uninvolved relatives claiming rights to an older adult’s property or possessions
  • Unexplained transfer of assets to a family member or someone outside the family
  • The provision of services that are not necessary

As a producer, you play a vital role in the effort to prevent, detect and combat financial exploitation. We encourage you to speak with your clients and be alert when reviewing contract activity.

Additional information can be found at www.nia.nih.gov and www.justice.gov/elderjustice

If you suspect one of your clients is a victim of financial exploitation, we encourage you to report your findings immediately by contacting Athene’s Special Investigation Unit.


Anti-Money Laundering (AML): 

As a producer, you’re required to keep and maintain the following information for at least five years:

  • All records following the termination, cancellation or surrender of an annuity. 
  • All documentation, reporting, or case file information associated with financial crime activity following the date the customer relationship has ended. 

Documentation should include … 

  • A copy of the identification used by the customer, the customer’s name, date of birth, address, and tax identification number. 
  • A description of any document used to verify the customer’s identity, noting the type of document, a document identification number, the place of issuance, the date of issuance and the document expiration date.
  • A description of the methods and results of non-documentary measures used to verify their identity (e.g. viewing of non-expired government issued identification).
  • A description of any substantive discrepancy between the identifying information provided by the customer and that found in identifying methods, noting how the discrepancy was resolved. 

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