Vulnerable Adult Financial Exploitation Banking

The act creates the 'Adults' Security and Safeguards from Exploitation in Transactions Act' or the 'ASSET Act'. The act requires or authorizes a qualified individual at a bank or credit union (financial institution) to do the following when the individual reasonably and in good faith suspects that a vulnerable adult is the victim of financial exploitation:The qualified individual must notify appropriate local law enforcement or the county agency handling adult protective services; andThe qualified individual may notify a third party previously designated by or reasonably associated with the vulnerable adult. A financial institution or qualified individual may delay a disbursement from an…