EQ and POA | Page 2 | EQ Bank | Discussion forum

My understanding of the POA issue for digital entities (banks) is that the attorney would need to be vetted for ID verification and AML, so it is not as simple as submitting the forms. In respect to the forms the issue is managing the validity of a POA, different requirements for each province, signature requirements based on the year of the POA, and acknowledging that a submitted POA today could be invalid tomorrow.

I have been reading the various posts on POA but have not seen a company referenced that is doing it well. Is there an online bank that has the POA process worked out for both new clients and existing clients?

I am paraphrasing from another group...

As the person acting under a Power of Attorney is the person conducting the transaction, they would be considered your client and you would verify that person’s identity as such....

To conduct a verification of identity when non face to face you can see the hoops that need to be jumped here:http://www.fintrac.gc.ca/guida.....11-eng.asp

So in short the bank needs to verify your identity but they need to also build a process to identify the poa and verify their identity. I am not surprised if online banks are finding this troublesome and would rather not deal with it. I don’t think it is discrimination but rather not feeling confident that that they can create a process that won’t run a foul with fintrac.