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)|