An Authority Letter For Bank Account Opening is a crucial document in Philippine banking operations that facilitates the delegation of account opening authority from one party to another. This document is commonly used when business owners, corporate officers, or individuals cannot personally appear at the bank to open an account, or when organizations need to designate specific representatives for banking matters. The letter must comply with Philippine banking regulations, including BSP requirements and anti-money laundering provisions. It contains detailed information about the authorizing party, the authorized representative, the scope of authority, and specific account requirements. The document is particularly important in the Philippine business context, where authorized representatives often handle banking matters for principals who may be based overseas or unable to attend to banking matters personally.
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1. Letter Header: Complete details of the authorizing person/entity including full name, address, and contact information
2. Date: Current date of the authorization letter
3. Bank Details: Full name and address of the bank branch where the account will be opened
4. Subject Line: Clear indication that this is an Authority Letter for Bank Account Opening
5. Salutation: Formal greeting to the bank manager/officer
6. Introduction: Brief introduction of the authorizing person/entity and the purpose of the letter
7. Authorized Person Details: Complete information about the person being authorized, including full name, ID details, and relationship to the authorizing party
8. Scope of Authority: Specific powers being granted regarding the bank account opening and operation
9. Account Details: Type of account to be opened and basic account requirements
10. Duration of Authority: Validity period of the authorization
11. Closing Statement: Request for cooperation and assistance from the bank
12. Signature Block: Space for signature, name, and details of the authorizing person/entity
1. Special Instructions: Used when specific operating conditions or restrictions need to be placed on the account or the authorized person
2. Multiple Account Authorization: Include when authority is being granted for opening multiple accounts or different types of accounts
3. Corporate Resolution Reference: Required when the authority is being granted by a corporation, referencing the board resolution
4. Witness Section: Added when local regulations or bank policies require witness signatures
5. Emergency Contact: Optional section for providing alternative contact persons in case of urgency
6. Revocation Clause: Details about how and when the authority can be revoked, if needed
1. Identity Documents: List and copies of required identification documents for both authorizing and authorized persons
2. Board Resolution: If applicable, copy of the corporate board resolution authorizing the account opening
3. Specimen Signature Card: Signatures of both the authorizing and authorized persons
4. KYC Forms: Required Know Your Customer documentation as per bank requirements
5. Tax Documents: Any required tax-related documents or certificates
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Corporate Services
Legal Services
Business Process Outsourcing
Manufacturing
Retail
Real Estate
Technology
Healthcare
Education
Non-Profit Organizations
Import/Export
Construction
Hospitality
Relevant Teams
Legal
Finance
Compliance
Administrative
Corporate Secretariat
Treasury
Operations
Executive Office
Risk Management
Corporate Affairs
Relevant Roles
Chief Financial Officer
Finance Manager
Corporate Secretary
Legal Counsel
Compliance Officer
Bank Branch Manager
Account Manager
Administrative Officer
Business Owner
Managing Director
Treasury Manager
Executive Assistant
Human Resources Manager
Operations Manager
Company Director
Financial Controller
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