WA HB1900

Financial institutions must immediately notify the Department of Social and Health Services and Department of Financial Institutions when they reasonably believe financial exploitation of a vulnerable adult has occurred or is being attempted, and must place an internal flag on the account

Financial institutions must immediately notify the Department of Financial Institutions when they reasonably believe financial fraud of any individual account owner has occurred or is being attempted, including when transactions are substantially different from account history

Financial institutions are required to establish policies allowing employees to place internal flags on accounts to alert other employees of suspected financial fraud, though flags do not require withholding funds or refusing transactions

Broker-dealers, investment advisers, and investment adviser representatives must immediately notify the Department of Financial Institutions upon reasonable belief of financial fraud and must have similar internal flagging policies for client accounts

Financial institutions and employees acting in good faith are immune from criminal, civil, and administrative liability for refusing or disbursing funds when financial exploitation of a vulnerable adult is suspected