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Authorization Letter For Financial Assistance

Authorization Letter For Financial Assistance Template for Singapore

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Key Requirements PROMPT example:

Authorization Letter For Financial Assistance

"I need an Authorization Letter For Financial Assistance that allows my sister to access my DBS Bank account and handle all financial transactions while I'm working overseas from January 2025 to December 2025, with a monthly transaction limit of SGD 5,000."

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Document background
The Authorization Letter For Financial Assistance is a crucial document in Singapore's financial landscape, commonly used when an individual needs to delegate financial responsibilities to another party. It's particularly relevant when the authorizer cannot personally handle financial matters due to absence, illness, or other circumstances. The document must comply with Singapore's stringent financial regulations, including MAS guidelines and the Banking Act. It typically specifies the scope of authority, duration, transaction limits, and includes necessary safeguards to protect both parties' interests. This authorization letter serves as a legal instrument recognized by Singapore financial institutions and regulatory bodies.
Suggested Sections

1. Date: Current date of the authorization letter

2. Authorizer Details: Full name, identification, contact details of person giving authorization

3. Authorized Party Details: Full name, identification, contact details of person receiving authorization

4. Purpose: Clear statement of the specific financial assistance being authorized

5. Scope of Authorization: Specific powers and limitations of the authorization

6. Duration: Period for which the authorization is valid

Optional Sections

1. Witness Details: Required when additional verification is needed for high-value transactions or when required by receiving institution

2. Specific Transaction Details: Specific account numbers or transaction limits, used when authorization is for specific accounts or limited transactions

3. Revocation Clause: Terms for cancelling the authorization, included when flexibility to revoke is required

Suggested Schedules

1. Identification Documents: Copies of relevant ID documents of authorizer and authorized party

2. Proof of Address: Recent utility bills or other address verification documents

3. Banking Details: Relevant account information or banking forms

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions

























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Industries

Banking Act (Chapter 19): Primary legislation governing banking institutions and financial transactions in Singapore. Includes regulations for authorization of financial dealings and compliance with anti-money laundering requirements.

Personal Data Protection Act 2012 (PDPA): Legislation governing the protection of personal information, including consent requirements for data sharing and proper handling of sensitive financial information.

Mental Capacity Act (Chapter 177A): Law ensuring the person giving authorization has mental capacity, particularly relevant for lasting power of attorney and protection of vulnerable persons.

Financial Advisers Act (Chapter 110): Regulations regarding financial advisory services and planning, setting requirements for financial assistance and advice.

MAS Guidelines: Regulatory guidelines issued by the Monetary Authority of Singapore, covering financial regulatory requirements and anti-money laundering/counter-terrorism financing regulations.

Electronic Transactions Act (Chapter 88): Legislation governing electronic transactions and digital signatures, relevant if the authorization letter will be executed electronically.

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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