Document background
An Authority Letter For Bank Statement is a critical document in Irish banking operations, used when an individual or entity needs to formally authorize a bank to release their account statements. This document becomes necessary in various situations, such as visa applications, audit procedures, mortgage applications, or when third parties require access to banking information for legitimate business or legal purposes. The letter must comply with Irish banking regulations, including the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 and the Data Protection Act 2018, which govern how financial institutions handle customer information. It typically includes detailed identification of all parties involved, specific time periods for the requested statements, and clear authorization parameters. The document's format and content are designed to protect both the account holder's privacy and the bank's liability while facilitating necessary information sharing.
