The Authority Letter For Bank Account Opening is a crucial document in the United Arab Emirates' banking system, designed to facilitate the delegation of account opening authority while maintaining compliance with UAE banking regulations and anti-money laundering laws. This document becomes necessary when an individual or organization needs to authorize a representative to handle the bank account opening process on their behalf, whether due to physical absence, corporate structure requirements, or operational efficiency. The letter must include specific details about both the authorizer and the authorized person, clear scope of granted authority, validity period, and any limitations on the authorization. It serves as a key document for banks in their due diligence process and must align with UAE Central Bank requirements and Know Your Customer (KYC) protocols.
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1. Letter Header: Date, bank's name and address, reference numbers if any
2. Subject Line: Clear indication that this is an Authority Letter for Bank Account Opening
3. Authorizer Details: Full legal name, address, and identification details of the person/entity giving the authority
4. Authorized Person Details: Full legal name, address, and identification details of the person being authorized
5. Purpose Declaration: Clear statement of the purpose - authority to open bank account
6. Scope of Authority: Specific powers being granted regarding account opening and initial operations
7. Duration of Authority: Validity period of the authorization
8. Signature Block: Space for authorizer's signature, with name and title
1. Special Instructions: Any specific limitations or special requirements for the account operation
2. Multiple Authorized Persons: Required when more than one person is being authorized, specifying if they can act jointly or severally
3. Corporate Authorization: Required for corporate entities, including reference to board resolutions or other corporate approvals
4. Account Specifications: Details of the type of account to be opened and specific services required
5. Revocation Clause: Specific conditions under which the authority may be revoked
1. Schedule A - Identification Documents: Copies of relevant identification documents of both authorizer and authorized person
2. Schedule B - Corporate Documents: For corporate entities: trade license, board resolution, etc. (if applicable)
3. Schedule C - Specific Powers: Detailed list of specific banking operations authorized person can perform
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Corporate Services
Legal Services
Retail
Manufacturing
Real Estate
Healthcare
Technology
Education
Construction
Hospitality
Import/Export
Professional Services
Non-Profit Organizations
Relevant Teams
Legal
Finance
Compliance
Operations
Administration
Treasury
Corporate Secretarial
Banking Operations
Risk Management
Customer Service
Relevant Roles
Chief Financial Officer
Finance Manager
Company Director
Legal Counsel
Corporate Secretary
Compliance Officer
Banking Relationship Manager
Account Opening Officer
Treasury Manager
Managing Director
Business Owner
Financial Controller
Operations Manager
Administrative Manager
Power of Attorney Holder
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