Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, whether (a) banks and (b) other financial institutions are required to have proof of a power of attorney before that person is able to withdraw money from an dependant's bank account.

There are no specific regulations which require financial institutions, including banks, to request proof of power of attorney before that person withdraws money from a dependent’s bank account.

However, the Money Laundering Regulations 2017 do require firms to identify and verify their customer’s identity when they establish a business relationship, for example, by opening a bank account. How firms verify their customers' identities is not stipulated in law or by the regulator. Firms are instead assisted in making such policies through industry produced guidance notes. For the financial institutions, these are the Joint Money Laundering Steering Group (JMLSG) guidance notes. This guidance requires firms to verify both the identity of the holder of the power of attorney and of the donor. Each firm will have their own policies on identification, and on the circumstances in which other checks should be undertaken.

The relevant guidance on power of attorney can be found in the JMLSG Guidance Notes, Part I, sections 5.3.99-5.3.101