Very recently an elderly client appointed his son & daughter as Power of Attorney. We submitted the certified copy of the Power of Attorney Form to all of the companies with whom he held investments. Of the 6 companies, not one of them followed the same procedure.
One company demanded to see the original EPA, without requesting Money Laundering information on the EPA holders. Another accepted the copy as it was, without Money Laundering. One company accepted the copy, but asked for Money Laundering information, whilst another firm asked for the original passports of the EPA holders. Finally, one company even asked for retrospective Money Laundering on the client as he had held his investment since 1989, at which point Money Laundering information wasnʼt required. The fact is that a very simple procedure of lodging an EPA is exceptionally complicat...
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