Legislation on the protection of elderly investors in the United States -Recent efforts by the U.S. federal legal system

Yoko Manzawa
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Yoko Manzawa: Associate Professor Faculty of Business Sciences University of Tsukuba

Public Policy Review, 2020, vol. 16, issue 7, 1-20

Abstract: With the advent of a super-aging society, various efforts are being made in Japan to protect elderly investors. This paper explores better legal systems to protect them by referring to the case of the United States, which has tackled this issue early on. In the United States, to resolve this issue, protecting older people “extensively” and “effectively” from the act of depriving (trying to deprive) of financial assets (called “financial abuse” in the United States) seems to be emphasized. Of these, this paper focuses on “mandatory reporting,” a system that imposes a reporting obligation on financial institutions, which can be a powerful weapon for “effective” protection. As the “mandatory reporting system” has been adopted by the U.S. federal legal system recently, this paper investigates its contents, its actual operations and its significance. Then, by comparing it with the system in the State of California, in which Manzawa (2018) investigated how the “mandatory reporting system” has been operated, this paper tries to grasp the “mandatory reporting system” in the United States as a whole.

Keywords: FinCEN; SARs(Suspicious Activity Reports); anti-money laundering; financial exploitation; financial abuse; mandatory reporting; super-aging society; senior investors; elderly customers; United States; bank; broker-dealer; financial institution (search for similar items in EconPapers)
JEL-codes: K22 (search for similar items in EconPapers)
Date: 2020
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