A Company Authorization Letter For Bank Account Opening is a crucial document required when an Australian company needs to establish a banking relationship or open new accounts with a financial institution. This formal authorization letter serves as evidence that the company's governing body has properly approved the opening of bank accounts and designated specific individuals as authorized signatories. The document is essential for compliance with Australian banking regulations, corporate governance requirements, and AML/CTF laws. It typically follows a board resolution and includes detailed information about the company, the type of accounts to be opened, authorized signatories, and specific operating instructions. Banks in Australia require this document to ensure proper corporate authority and maintain compliance with regulatory requirements before proceeding with account opening.
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1. Company Letter Head: Official company letterhead including company name, ACN/ABN, registered address, and contact details
2. Date and Reference: Current date and any reference number for the letter
3. Bank Details: Full name and address of the bank branch where the account is to be opened
4. Subject Line: Clear indication that this is an authorization letter for bank account opening
5. Company Information: Formal introduction of the company, including registration details and business nature
6. Authorization Statement: Clear statement of the board's resolution to open a bank account and authorize specific individuals
7. Account Details: Specification of the type of account(s) to be opened and any special requirements
8. Authorized Signatories: Names, positions, and signing authorities of individuals authorized to operate the account
9. Operating Instructions: Specific instructions regarding account operation (e.g., single/joint signatures required)
10. Closing and Signatures: Formal closing, signatures of authorized board members/directors with their names and positions
1. Additional Services Request: Used when requesting specific banking services like internet banking, merchant facilities, or credit cards
2. Special Instructions: Include when there are specific limitations or conditions on the account operation
3. Foreign Currency Requirements: Added when the company needs foreign currency accounts or international banking facilities
4. Subsidiary Information: Include when the account is for a subsidiary company and parent company details need to be provided
5. Branch Network Access: Used when specifying requirements for multi-branch banking access
1. Appendix A - Board Resolution: Copy of the board resolution authorizing the bank account opening
2. Appendix B - Authorized Signatories List: Detailed list of authorized signatories with specimen signatures and identification details
3. Appendix C - Company Documents: Copies of required company documents (Certificate of Registration, Constitution, etc.)
4. Appendix D - Identification Documents: Copies of identification documents for all authorized signatories
5. Appendix E - Corporate Structure: Organization chart showing company ownership structure (if required by the bank)
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Corporate Services
Professional Services
Retail and Consumer
Manufacturing
Technology
Healthcare
Construction
Mining and Resources
Education
Transport and Logistics
Agriculture
Non-Profit Organizations
Real Estate
Hospitality
Relevant Teams
Finance
Legal
Corporate Governance
Treasury
Compliance
Board of Directors
Executive Management
Accounts
Administration
Corporate Secretariat
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Company Secretary
Finance Director
Managing Director
Board Director
Financial Controller
Treasury Manager
Accounts Manager
Corporate Governance Officer
Compliance Manager
Bank Relationship Manager
Corporate Banking Officer
Branch Manager
Legal Counsel
Risk Manager
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