A Bank Authorization Letter is a critical document used in Malaysian banking operations when an account holder needs to delegate banking authority to another person or entity. This document is essential for situations where the primary account holder cannot personally conduct banking transactions or wishes to delegate specific banking responsibilities. The letter must conform to Malaysian banking regulations, including the Financial Services Act 2013 and Bank Negara Malaysia's guidelines, particularly regarding authentication, verification, and anti-money laundering compliance. It typically includes detailed information about the parties involved, specific powers granted, transaction limits, and duration of authority. For corporate accounts, additional requirements such as board resolutions and company registration details may be necessary to establish proper authorization.
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1. Letter Header: Full name and address of the account holder, date, bank's name and address
2. Account Details: All relevant account numbers and types of accounts covered by the authorization
3. Authorized Person Details: Full name, identification details, and contact information of the person being authorized
4. Scope of Authorization: Clear description of the specific banking activities and transactions the authorized person can perform
5. Duration of Authority: Specific time period for which the authorization is valid, including start and end dates if applicable
6. Specimen Signature: Space for the authorized person's signature that will be used for banking transactions
7. Declaration: Statement confirming the account holder's conscious and willing grant of authority
8. Account Holder's Signature: Space for account holder's signature and date of signing
1. Transaction Limits: Include when there are specific monetary limits on transactions the authorized person can perform
2. Corporate Resolution Reference: Required for corporate accounts, referencing the board resolution authorizing this delegation
3. Two-Factor Authentication Details: Include when specific authentication procedures are being established for the authorized person
4. Revocation Clause: Optional clause specifying conditions under which the authorization can be revoked
5. Joint Account Holder Details: Include when the account is jointly held and all holders need to authorize
6. Digital Banking Access: Include when granting access to online/digital banking services
1. Identity Documents: Copies of identification documents for both account holder and authorized person
2. Corporate Documents: For corporate accounts: board resolution, company registration documents, etc.
3. Signature Verification: Additional signature specimens if required by the bank
4. List of Permitted Transactions: Detailed list of specific transactions and activities authorized, if extensive
5. Bank's Authorization Form: Bank's standard mandate form that may need to be attached to the letter
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Corporate Services
Legal Services
Retail Banking
Investment Banking
Islamic Banking
Commercial Banking
Public Sector
Private Sector
Small and Medium Enterprises
Manufacturing
Trading
Professional Services
Relevant Teams
Legal
Compliance
Finance
Treasury
Operations
Risk Management
Corporate Secretarial
Customer Service
Account Management
Banking Operations
Relevant Roles
Bank Manager
Compliance Officer
Corporate Secretary
Financial Controller
Chief Financial Officer
Account Manager
Legal Counsel
Risk Management Officer
Treasury Manager
Operations Manager
Company Director
Authorized Signatory
Banking Operations Officer
Branch Manager
Relationship Manager
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