It is also easy to
Posted in Uncategorized on September 4th, 2010 by admin – Be the first to commentIt is also easy to obtain records from them by court order since there is no attorney client privilege being violated. Remember the signatory must have and keep records showing who is in fact ordering him to disburse funds. This is to protect himself from being prosecuted for embezzlement. This also means the signatory is going to have a copy of your passport and other ID plus a contract executed by you appointing them with details as to how things are going to be executed. Not so good either.
Bank Secrecy is also missing even though you may be using a bank in a country like Panama where there is bank secrecy. You have no dealings with the bank, only the signatory does so the bank secrecy does not protect you.
Embezzlement is another problem. What if the signatory arranges for the online bank access to be obtained by someone who depletes the account by wiring funds to Vietnam or Nigeria and then the signatory claims he has no idea what happened.
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