The Authorization Letter To Open Bank Account is a crucial document in Austrian banking practice, commonly used when an individual or entity cannot personally present themselves at a bank to open an account. This situation often arises in cases of overseas investors, busy executives, persons with limited mobility, or companies delegating authority to local representatives. The document must conform to Austrian banking regulations and anti-money laundering laws, particularly the Bankwesengesetz (BWG) and FM-GwG. It typically includes comprehensive identification details of both the authorizing and authorized parties, specific scope of banking powers granted, temporal limitations, and may require notarization. The letter serves as a legal basis for the bank to allow the authorized representative to undertake the account opening process and potentially perform specified banking operations.
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1. Date and Place: Current date and place of execution of the authorization letter
2. Authorizing Party Details: Full legal name, address, identification details (passport/ID number), and contact information of the person granting the authorization
3. Authorized Party Details: Full legal name, address, identification details (passport/ID number), and contact information of the person being authorized to open the account
4. Authorization Statement: Clear and specific statement of the powers being granted, including the authority to open and operate the bank account
5. Scope of Authority: Detailed description of what the authorized person can do (e.g., submit documents, sign forms, receive account information)
6. Bank Details: Name and address of the bank where the account is to be opened (if known)
7. Duration of Authority: Validity period of the authorization
8. Signature Block: Space for signature of the authorizing party with name and date
1. Account Type Specification: Used when authorizing for a specific type of account (savings, current, business)
2. Joint Account Details: Required when the authorization is for opening a joint account
3. Special Instructions: Any specific conditions or limitations on the authorization
4. Witness Statement: Used when additional verification of signature is required or preferred
5. Revocation Clause: Details about how the authorization can be revoked, if needed
1. Copy of Authorizing Party ID: Certified copy of passport or national ID of the person giving authorization
2. Copy of Authorized Party ID: Certified copy of passport or national ID of the person receiving authorization
3. Specimen Signature: Official specimen signature of the authorizing party
4. Proof of Address: Recent utility bill or other accepted document proving address of authorizing party
5. Notarial Certification: If required, notarial certification of the authorization letter
Relevant legal definitions
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Relevant Industries
Banking and Financial Services
Legal Services
Corporate Services
International Trade
Real Estate
Education
Healthcare
Retail
Manufacturing
Professional Services
Non-Profit Organizations
Public Sector
Relevant Teams
Legal
Compliance
Finance
Administration
Corporate Secretariat
Treasury
Risk Management
International Business
Executive Office
Human Resources
Relevant Roles
Legal Counsel
Compliance Officer
Corporate Secretary
Financial Controller
Chief Financial Officer
Account Manager
Banking Relationship Manager
Administrative Assistant
Executive Assistant
Business Development Manager
International Business Coordinator
Treasury Manager
Risk Manager
Company Director
Human Resources Manager
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