My bank is saying that they need to CIP the Attorney-in-Fact under my Power of Attorney. As I understand it, when they say they want to "CIP" my POA, they mean they want to obtain her name, date of birth, address, and Social Security number. My POA is from another state and does not want to give all his information. Is this required?
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The bank has the right to set its own standards for identification of its customers, including a requirement that it obtain identifying information on authorized signers, attorneys-in-fact and other depositor agents. While the underlying federal regulation does not mandate that the bank verify your attorney-in-fact's identification, many banks have imposed the same level of ID scrutiny that your bank seems to require.
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The bank has the right to set its own standards for identification of its customers, including a requirement that it obtain identifying information on authorized signers, attorneys-in-fact and other depositor agents. While the underlying federal regulation does not mandate that the bank verify your attorney-in-fact's identification, many banks have imposed the same level of ID scrutiny that your bank seems to require.
