AML/CFTR 3.3.8 Powers of attorney

(1) This rule applies to a power of attorney if it authorises the holder to exercise control over assets of the grantor.
(2) Before becoming involved in or associated with a transaction involving the power of attorney, a firm must conduct CDD for both the holder and the grantor.
(3) For subrule (2), the holder and the grantor are both taken to be customers of the firm.
Derived by QFCRA RM/2019-8 (as from 1st February 2020)