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#409188 - 08/16/05 08:59 PM Authorized Signers
Anonymous
Unregistered

When it comes to an "Authorized Signer" on a new account opened by a new customer, do we have to obtain the required info on the person designated as an "Authorized Signer"? Thanks

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BSA/AML/CIP/OFAC Forum
#409189 - 08/16/05 09:08 PM Re: Authorized Signers
Anonymous
Unregistered

Information on an "Authorized Signer" is not required by PATRIOT/CIP. Making it a requirement is up to each financial institution (many feel that requiring info. on Auth.Signers is "best practice" and therefore, include it in their policy/procedures).

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#409190 - 08/18/05 07:57 PM Re: Authorized Signers
Anonymous
Unregistered

An authorized signer on a non-commercial account comes under CIP requirements.

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#409191 - 08/18/05 08:36 PM Re: Authorized Signers
devsfan Offline
Diamond Poster
Joined: Jun 2004
Posts: 1,927
NYC
It all depends upon your policy. If your policy says that you CIP signers then that is what you must do. If it does not require it you don't.

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#409192 - 08/19/05 01:49 AM Re: Authorized Signers
Anonymous
Unregistered

Anon #411547 here.
Exactly, devsfan. Since an authorized signer is not defined as an "owner" of the account, there is no legal requirement to obtain info. So, as in the case with my bank, we have it written into our CIP policy that "beneficiaries, auth.signers" are excluded. I'm not saying I agree with that decision, but that's what the "powers that be" decided upon.

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