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Authorization Letter For Bank Statement for Singapore

Authorization Letter For Bank Statement Template for Singapore

An Authorization Letter for Bank Statement is a formal document used in Singapore that enables an account holder to grant permission to a third party to access their bank statements. The document must comply with Singapore's Banking Act, Personal Data Protection Act, and relevant MAS guidelines. It serves as a legal instrument that protects both the bank and account holder while facilitating necessary information access. The letter includes specific details about the scope of access, duration, and parties involved.

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What is a Authorization Letter For Bank Statement?

An Authorization Letter for Bank Statement is commonly required in Singapore when third parties need access to banking information for legitimate purposes such as audit, tax filing, or legal proceedings. This document ensures compliance with Singapore's strict banking privacy laws and data protection regulations while providing a secure way to share banking information. The letter must clearly specify the account holder's details, the authorized party's information, the scope and duration of access, and must be properly executed according to local banking requirements. It serves as the bank's protection against unauthorized disclosure while facilitating necessary business processes.

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

1. Date and Location: Current date and place of writing the authorization letter

2. Bank Details: Full name and address of the bank branch being addressed

3. Account Holder Information: Full name, ID/passport number, and account number of the account holder

4. Authorization Statement: Clear statement authorizing access to bank statements, including account holder's declaration of consent

5. Authorized Party Details: Complete information about the person or entity being authorized to access the statements

6. Scope of Authorization: Specific details about what information can be accessed and for which accounts

7. Duration of Authority: Clear specification of the time period for which the authorization is valid

8. Signature Block: Space for account holder's signature, name, and date

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

1. Witness Section: Section for witness details and signature, required if bank policy demands witness verification

2. Purpose Declaration: Statement explaining the reason for requesting bank statements, useful for compliance purposes

3. Additional Contact Information: Supplementary contact details for verification purposes

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

1. Identity Documents: Copies of account holder's identification documents (ID/passport)

2. Authorized Party Identification: Copies of authorized person's identification documents

3. Bank Forms: Any additional bank-specific authorization forms required for processing

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

Singapore

Publisher

Ƶ

Document Type

Authorization Form

Cost

Free to use
Relevant legal definitions












Clauses












Industries

Banking Act (Cap. 19): Primary legislation governing banking operations in Singapore, particularly Sections 47 and 48 which deal with banking secrecy and disclosure of customer information

Personal Data Protection Act 2012 (PDPA): Legislation regulating the collection, use, and disclosure of personal data, requiring explicit consent and proper safeguards for personal information

MAS Guidelines: Regulatory guidelines from Monetary Authority of Singapore covering banking secrecy, technology risk management, and prevention of money laundering

Electronic Transactions Act (Cap. 88): Legislation governing electronic transactions and digital signatures, relevant if the authorization is to be submitted electronically

Evidence Act (Cap. 97): Legal framework concerning admissibility of bank statements as evidence and requirements for document authentication

Identification Requirements: Clear identification of all parties involved in the authorization must be provided

Consent Requirements: Explicit consent for data disclosure must be clearly stated in the authorization

Scope Definition: Specific scope of the authorization must be clearly defined

Duration Specification: Time period for which the authorization is valid must be specified

Banking Secrecy Compliance: Authorization must comply with banking secrecy provisions under Singapore law

Data Protection Compliance: Authorization must meet data protection requirements under PDPA

Authentication Requirements: Proper authentication measures must be included as per Singapore legal requirements

Teams

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