The Bank Account Authorization Letter is a crucial document in Singapore's banking system, used when an account holder needs to delegate banking authority to another person. This document is commonly required when business owners need to authorize employees to handle banking transactions, when individuals are traveling abroad, or during periods of extended absence. The Authorization Letter Bank Account must include specific details required by Singapore banking regulations, such as clear identification of all parties, scope of authority, duration, and any applicable limitations. It serves as a protective mechanism for all parties involved while ensuring compliance with Singapore's banking laws and MAS guidelines.
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1. Date and Address Block: Current date and bank's full address details
2. Account Holder Information: Full name, ID/passport number, and contact details of the account holder
3. Account Details: Specific bank account number and type being subject to authorization
4. Authorization Statement: Clear statement of authorization being granted to the named individual
5. Authorized Person Details: Full name, ID/passport number, and contact details of the person being authorized
6. Scope of Authority: Detailed description of permitted actions and transactions under this authorization
7. Duration of Authority: Specific period for which the authorization remains valid
8. Signature Block: Space for account holder's signature, date, and witness details if required
1. Transaction Limitations: Specific monetary limits or restrictions on transactions that can be performed
2. Special Conditions: Any additional conditions or specific requirements for the authorization
3. Revocation Terms: Specific conditions and process for revoking the authorization
4. Indemnity Clause: Protection clause for the bank against any disputes arising from the authorization
1. Identity Documents: Copies of account holder and authorized person's identification documents
2. Specimen Signature Form: Official specimen signature of the authorized person
3. Corporate Resolution: If applicable, board resolution authorizing the arrangement (for corporate accounts)
4. Verification Documents: Any additional KYC or verification documents required by the bank
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