Do you accept POA's as signors on CIP forms? What additional documentation should be required on these?

We recently had this come up twice on different types of transactions. I advised the lender that we could use the PoA to execute loan documents, but we needed to collect the normal information for the CIP. We told him we would accept notarized affidavits from the absent parties.

The PoA did not establish identity. The affidavit would state such facts as we needed to complete our CIP and would have an official witness, creating a document we could introduce into court, if necessary.

But I am interested to see how others handle this question!

MJ

CIP requires you have reviewed enough information to "Form a reasonable belief that you verified the individuals identity & know it is really them", and there is no requirement for the customer to sign.You should verify the identity of the account owner (who is issuing the Authority because they own the account - the 2nd party has just been given authority by the owner)

So if your bank policy is to require the customer to sign a form that is your internal decision.