Stay Alert with Athene’s Financial Crime Programs

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Fraud: Elder Abuse and Financial Exploitation

The Elder Justice Initiative estimates that 10% of people aged 65+ experience some form of elder abuse each year. The U.S. Department of Justice defines elder abuse as an intentional or negligent act by any person that causes harm or a serious risk of harm to an older adult which includes:

  • Physical Abuse
  • Psychological Abuse
  • Financial Exploitation
  • Neglect and Abandonment
  • Sexual Abuse

Financial exploitation is the illegal or improper use of property, income or resources of a vulnerable adult by another person for their own profit or advantage including misuse or theft of assets, pressure, deception or fraud. The National Adult Protective Services Association states that most reported cases involve people the elderly victim knows such as a relative, caregiver, neighbor or friend.

Common warning signs of Financial Exploitation include:

  • Sudden changes in bank accounts or banking practices including unexplained or unauthorized withdrawals of large sums of money
  • Abrupt changes in a will or other financial documents
  • Disappearance of funds or valuable possessions
  • New friends or the sudden appearance of family members
  • Unpaid bills even though adequate funds are available
  • Unexplained transfer of assets to a family member or someone outside the family
  • Unexplained or authorized credit card charges
  • Forgery

Questions or concerns?

Anti-Money Laundering (AML): OFAC and HMT Sanction Programs

Athene is committed to adhering to the United States Department of Treasury’s Office of Foreign Assets Control (“OFAC”) requirements for Sanction Programs. HM Treasury (HMT) of the United Kingdom is also charged with enforcing trade sanctions on foreign countries and companies registered in those countries.

Both OFAC and HMT maintain databases and publish information regarding current restrictions and sanctions to ensure Americans – including insurance companies – do not engage in financial transactions or provide services to Specially Designated Nationals (SDNs), HM Asset Freeze Targets or others on OFAC’s and/or HM’s sanctioned lists. 

In the event an individual or entity is on either list, Athene is required to notify the US Department of Treasury which will provide instruction if the asset is to be blocked/frozen. Should this occur, no processing of any kind will be allowed and Athene will be required to report the asset annually to the US Department of Treasury until they instruct us to lift the block/freeze.

File a report

When you suspect money laundering, please complete the Request for Compliance Review form or report the event to our Compliance department by emailing us at AMLFraudReferral@athene.com.

Questions or concerns?

For additional guidance, please refer to the Producer’s Guide to Anti-Money Laundering.