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#2249950 - 03/02/21 03:37 PM POA as conductor
Comprunx3 Offline
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Joined: Oct 2015
Posts: 86
If a designated POA performs a reportable transaction is the account owner or POA listed on the CTR as the conductor?

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#2249951 - 03/02/21 03:38 PM Re: POA as conductor Comprunx3
rlcarey Online
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The conductor is the hot body standing in front of you always.
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#2249953 - 03/02/21 03:50 PM Re: POA as conductor Comprunx3
John Burnett Offline
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"POA" or "Power of Attorney" refers to the document and the powers it grants to an agent or attorney-in-fact. The person issuing or granting the power of attorney is referred to as the Principal.

As for your question:

No. The attorney-in-fact is the conductor, and will be identified in item 2b as conducting the transaction on another person's behalf. Assuming that the transaction is one done on behalf of the attorney-in-fact's principal (the account owner), the account owner gets their own Part I where item 2c is checked.

Compare your scenario to one in which Joe Smith brings in a reportable deposit to his wife's account. There's no power of attorney involved. Joe is the conductor, and he's identified in a Part I section with item 2b checked. Sally Smith (his wife) is identified in her own Part I with item 2c checked to show that the transaction was conducted on her behalf.

The purpose of the comparison? To show that your conductor's status as attorney-in-fact is irrelevant to how the CTR is completed.
Last edited by John Burnett; 03/02/21 04:47 PM. Reason: typo
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