NY A03886

Requires certified public accountants, attorneys, tax preparers, and financial institution officers/employees in New York to report suspected financial exploitation of elderly persons (age 60+) to Adult Protective Services immediately by phone and within two working days in writing.

Defines financial exploitation as improper use of an elderly person's funds, property, or resources including fraud, embezzlement, forgery, coerced property transfers, and similar acts.

Exempts bank tellers from reporting requirements provided they receive Office for the Aging-approved training on identifying financial exploitation scams.

Establishes a voluntary financial exploitation outreach, education, and training program administered by the Office for the Aging in conjunction with the Office of Children and Family Services and Banking Department to educate accountants, attorneys, tax preparers, and financial institutions.

Creates the Financial Exploitation, Outreach, Education and Training Fund to receive penalties and other revenues, with disbursements to the Office for the Aging; penalties for willful failure to report shall not exceed $1,000 per violation.