I have a client for whom the daughter has POA. Under AML do I need to check both parties or just the taxpayer?
i was told by icaew to check both
Thank you, very much appreciated
I agree - both.
FWIW I frequently see these arrangements finishing up in the criminal courts where child 1 has the PoA and later child 2 goes to the police with a complaint of fraud / theft / money laundering against child 1.
Then you get into 'Who wears size 5 Nike Trainers, ageing mother or child 1?'.
The moral is, advise child 1 to keep detailed records & receipts.
Thank you for that advice David. Paul
For those of you who may be interested, I've just had a reply from HMRC and they have advised that I only need to verify the daughter, not the taxpayer. Interesting!