The Release of Funds Authorization Form is a critical document used in Philippine banking and financial transactions when an account holder needs to formally authorize the release of funds from their account. This document is essential for ensuring secure and properly documented fund transfers, whether for business transactions, investment releases, or personal banking purposes. It must comply with Philippine banking regulations, including the New Central Bank Act and Anti-Money Laundering Act, particularly regarding transaction documentation and verification requirements. The form is designed to protect both the financial institution and the account holder by clearly documenting the authorization details, beneficiary information, and specific transaction parameters. It is commonly used in various scenarios, from simple fund transfers to complex business transactions, and may require additional supporting documentation depending on the transaction value and nature.
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1. Document Title and Reference Number: Clear identification of the document as a Release of Funds Authorization Form with a unique reference number
2. Date: Date when the authorization is being made
3. Account Holder Information: Complete details of the person/entity authorizing the release of funds, including full name, address, contact information, and account number
4. Bank/Institution Information: Details of the financial institution holding the funds, including name, branch, and relevant contact information
5. Transaction Details: Specific amount to be released, currency, and purpose of the fund release
6. Beneficiary Information: Complete details of the recipient of the funds, including full name, bank account details, and contact information
7. Authorization Statement: Clear statement authorizing the release of funds, including any specific conditions or instructions
8. Execution Block: Space for signatures, dates, and witness details as required
1. Special Instructions: Additional instructions for the fund release, used when there are specific conditions or requirements for the transfer
2. Source of Funds Declaration: Declaration of the origin of funds, required for compliance with anti-money laundering regulations when amount exceeds certain thresholds
3. Payment Schedule: Include when the release of funds is to be made in multiple installments or on specific dates
4. Third-Party Authorization: Required when someone other than the account holder is authorized to facilitate the transaction
5. Foreign Exchange Details: Include when the transaction involves currency conversion or international transfer
1. Appendix A - Supporting Documents Checklist: List of required supporting documents that must accompany the authorization form
2. Appendix B - Terms and Conditions: Standard terms and conditions governing the fund release
3. Appendix C - Identification Requirements: Specific documentation required for identity verification of all parties
4. Schedule 1 - Payment Details: Detailed breakdown of payment information when involving multiple transactions or complicated payment structures
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