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CIP FAQ's note that the attorney-in-fact may or may not meet the definition of "customer " depending on whether or not the grantor has legal capacity.
1. Who is the “customer†when an account is opened by an individual who has power-of- attorney for a competent person who is the named owner of the account?
The CIP rule provides that a “customer†generally is “a person that opens a new account.†31 C.F.R. § 103.121(a)(3)(i)(A). When an account is opened by an individual who has power-of-attorney for a competent person, the individual with a power-of-attorney is merely an agent acting on behalf of the person that opens the account. Therefore, the “customer†will be the named owner of the account rather than the individual with a power-of-attorney over the account. By contrast, an individual with power-of-attorney will be the “customer†if the account is opened for a person who lacks legal capacity.
You should also look to your own procedures. If they state that the Bank will consider the attorney-in-fact as a customer in all circumstances, then you must follow your own procedures even if they are more restrictive than the regulation.
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