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#1409188 - 06/28/10 09:19 PM Property Management Companies - CIP
Annette Offline
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Annette
Joined: Aug 2001
Posts: 22
I am interested in knowing how other banks are dealing with property management companies and CIP.

Property Management Co., acting on behalf of the property owners, opens an account. All transactions on the account are handled by the PMC on behalf of the owners. Signers on the account are from the PMC. Under this scenario, under your bank's CIP program, whose identification would you verify? PMC or property owner?

Thank you for your help.

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#1409208 - 06/28/10 09:52 PM Re: Property Management Companies - CIP Annette
BrendaC Offline
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BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
PMC; however, as part of due diligence we would require evidence of agent authority.
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