During my co-op at RBC PH&N Investment Services, I was assigned the "Power of Attorney" project. My main responsibility was to search for missing federal ID information designated power of attorneys. Power of Attorney is a legal document that allows a person to designate another individual to make decisions on their behalf, typically in financial or legal matters. This is crucial for ensuring that decisions are made in line with the individual's wishes, especially in scenarios where they are unable to make decisions themselves.
Following the implementation of anti-money laundering regulations after 2001, financial institutions were required to verify clients' (and their power of attorney) federal IDs to prevent fraudulent activities. However, our team faced a challenge with a large number of existing clients whose federal IDs were either missing or invalid. My goal was to investigate our system to determine whether we had the client's power of attorney's federal IDs and, if so, whether they were valid.
Through my analysis, I discovered a significant trend where federal IDs were often "missing" because they were mistakenly listed under another client's profile, commonly their spouse's. This discovery was crucial in addressing the root cause of the data inconsistencies.
My main accomplishments were:
- Enhanced Data Accuracy: I identified and resolved inconsistencies in federal ID records, significantly improving the accuracy of our client information and ensuring compliance with anti-money laundering regulations.
- Skill Development: This project honed my detail-oriented skills and provided me with a deeper understanding of how financial and legal aspects intersect, particularly in relation to compliance and data management.
This project was instrumental in strengthening my ability to manage large amounts of data and analyze it meticulously. It also offered valuable insights into the critical role that financial and legal requirements play in maintaining regulatory compliance. The experience has reinforced my appreciation for the intersection of finance and law, influencing my approach to problem-solving and data management in future roles.
This project enhanced my detail-oriented skills and deepened my understanding of the intersection between finance and legal compliance. It highlighted the importance of accurate data management and regulatory adherence in financial operations.