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Direct Authorization Form Template for Singapore

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Key Requirements PROMPT example:

Direct Authorization Form

"Need a Direct Authorization Form for our Singapore subsidiary to set up recurring monthly payments to five different vendors, with a maximum transaction limit of SGD 50,000 per vendor per month, effective from January 2025."

Document background
The Direct Authorization Form is a critical document in Singapore's banking and financial services sector, used when an account holder needs to grant specific permissions for banking operations or payment processing. It ensures compliance with Singapore's strict banking regulations while protecting both the institution and the account holder. This document typically includes account details, authorization parameters, transaction limits, and may cover single or recurring transactions. The form is especially important in Singapore's highly regulated financial environment, where clear documentation of banking authorizations is mandatory.
Suggested Sections

1. Account Holder Information: Personal/company details of the account holder including full name, ID/registration number, contact details and address

2. Authorization Details: Specific permissions being granted, including transaction types, purposes, and any applicable limits

3. Bank Account Information: Relevant bank account details including account number, bank name, branch, and account type

4. Declaration: Account holder's confirmation of understanding and agreement to the authorization terms

5. Signature Block: Space for authorized signatures, names, dates, and witness details if required

Optional Sections

1. Multiple Account Authorization: Additional section for listing multiple accounts when authorization covers more than one account

2. Third Party Authorization: Section detailing the rights and permissions granted to authorized third parties including their full details

3. Specific Transaction Limits: Detailed section specifying transaction limits, frequency restrictions, and other custom authorization parameters

Suggested Schedules

1. Schedule of Authorized Persons: Comprehensive list of all individuals authorized to operate the account, including their specimen signatures

2. Transaction Limit Schedule: Detailed breakdown of transaction limits, including daily/monthly caps and transaction type restrictions

3. Terms and Conditions: Standard bank terms and conditions relating to the authorization, including liability and termination clauses

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

Relevant legal definitions



































Clauses































Industries

Banking Act (Chapter 19): Primary legislation governing banking operations in Singapore, particularly relevant for payment authorizations and regulations regarding banking transactions and account access

Personal Data Protection Act 2012 (PDPA): Legislation governing the collection, use, and disclosure of personal data, including consent requirements, purpose limitation, and data protection obligations

Electronic Transactions Act (Chapter 88): Framework for the legal recognition of electronic signatures, validity of electronic records and documents, and requirements for electronic contracts

Payment Services Act 2019: MAS guidelines regulating payment services and systems, including requirements for financial institutions and payment service providers

E-payments User Protection Guidelines: MAS guidelines specifically focused on protecting users in electronic payment transactions and establishing standards for e-payment security

GIRO/NETS Operating Rules: Regulations governing the operation of GIRO and NETS payment systems, including compliance requirements for inter-bank transactions

AML/CFT Requirements: Anti-Money Laundering and Countering the Financing of Terrorism requirements, including KYC procedures and transaction monitoring obligations

Consumer Protection (Fair Trading) Act: Legislation ensuring fair trading practices and protecting consumer rights in commercial transactions, including financial services

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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