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Authorization Letter For Opening Bank Account for Malaysia

Authorization Letter For Opening Bank Account Template for Malaysia

An Authorization Letter for Opening Bank Account is a formal document used in Malaysia that grants specific authority to a designated individual or entity to open and establish a bank account on behalf of the authorizer. The document must comply with Malaysian banking regulations, particularly the Financial Services Act 2013 and relevant Bank Negara Malaysia guidelines. It serves as a legal instrument that details the scope of authorization, including specific powers granted, limitations, and duration of the authority. The document requires proper verification and authentication as per Malaysian banking protocols and may need to be accompanied by supporting documentation depending on the specific requirements of the bank and the type of account being opened.

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What is a Authorization Letter For Opening Bank Account?

The Authorization Letter For Opening Bank Account is a crucial document in Malaysian banking practice that facilitates the delegation of account opening authority when the primary account holder cannot be physically present or when corporate governance requires specific representatives to act on behalf of an organization. This document is commonly used in situations involving overseas investors, corporate account establishments, or when individuals are unable to personally visit the bank due to various constraints. The letter must conform to Malaysian banking regulations, including the Financial Services Act 2013 and Anti-Money Laundering regulations. It typically includes detailed information about both the authorizer and the authorized person, specific powers granted, any limitations on the authority, and the duration of the authorization. The document plays a vital role in ensuring smooth banking operations while maintaining necessary security and compliance measures in the Malaysian banking sector.

What sections should be included in a Authorization Letter For Opening Bank Account?

1. Letter Header: Date, bank's name and address, and reference number (if applicable)

2. Subject Line: Clear indication that this is an authorization letter for opening a bank account

3. Authorizer Details: Full name, identification details (IC/Passport), contact information, and current address of the person giving authorization

4. Authorized Person Details: Full name, identification details (IC/Passport), contact information, and current address of the person being authorized

5. Authorization Statement: Clear and specific statement of authorization for opening a bank account, including the type of account to be opened

6. Scope of Authority: Specific powers granted regarding the account opening process and any limitations

7. Duration of Authorization: Validity period of the authorization

8. Declaration: Statement confirming the authenticity of the information provided and the authorizer's capacity to grant such authorization

9. Signature Block: Space for authorizer's signature, name, and date

What sections are optional to include in a Authorization Letter For Opening Bank Account?

1. Witness Details: Required when additional verification is needed or when requested by the bank - includes witness names, IC numbers, and signatures

2. Initial Deposit Details: Include when specifying the amount and source of initial deposit for the account

3. Special Instructions: Any specific requirements or restrictions regarding the account operation

4. Corporate Authorization: Required when the authorizer is representing a company - includes company details and position of authorizer

5. Emergency Contact: Alternative contact information in case of urgent matters

What schedules should be included in a Authorization Letter For Opening Bank Account?

1. Identification Documents: Copies of IC/Passport of both authorizer and authorized person

2. Proof of Address: Recent utility bills or other address verification documents

3. Corporate Documents: If applicable - company registration, board resolution, etc.

4. Bank Forms: Any specific bank forms that need to be attached as referenced in the authorization letter

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Malaysia

Publisher

Ƶ

Document Type

Letter of Authority

Sector

Banking

Cost

Free to use
Relevant legal definitions























Clauses




















Industries

Financial Services Act 2013: The primary legislation governing banking institutions in Malaysia, which sets out the regulatory framework for financial institutions and requirements for banking operations, including account opening procedures.

Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001: Establishes the requirements for customer due diligence and verification procedures that banks must follow when opening new accounts, which affects the information needed in the authorization letter.

Powers of Attorney Act 1949: Governs the creation and execution of powers of attorney in Malaysia, which is relevant as an authorization letter functions similarly to a limited power of attorney for banking purposes.

Personal Data Protection Act 2010: Regulates the collection and handling of personal data, which is relevant as the authorization letter will contain personal information of both the authorizer and authorized person.

Contracts Act 1950: Provides the legal framework for creating valid agreements in Malaysia, including requirements for offer, acceptance, and consideration, which applies to the authorization relationship.

Central Bank of Malaysia Act 2009: Establishes Bank Negara Malaysia's authority to regulate financial institutions and set requirements for banking operations, including account opening procedures.

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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