The Permission Letter for Bank Account Opening is a crucial document in Singapore's banking ecosystem, used when an individual or entity needs to authorize another party to open and manage a bank account on their behalf. This might occur in various scenarios such as parent-child relationships, corporate authorizations, or care arrangements. The document must align with Singapore's stringent banking regulations, including MAS guidelines and anti-money laundering requirements. It typically includes detailed information about all parties involved, specific authorizations granted, and any limitations or conditions attached to the permission.
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1. Letter Date: Current date of the permission letter
2. Bank Details: Name and address of the bank where account is to be opened
3. Grantor Information: Full name, identification details, and contact information of person giving permission
4. Grantee Information: Full name, identification details, and contact information of person receiving permission
5. Purpose Statement: Clear statement of permission to open bank account
6. Account Type: Specification of type of account to be opened
7. Authorization Scope: Specific powers being granted regarding the account
1. Duration of Authorization: Time period for which permission is valid, if not indefinite
2. Transaction Limits: Any restrictions on transaction amounts or types, if applicable
3. Additional Authorized Persons: Details of other persons authorized to operate the account, if any
1. Identification Documents: Copies of relevant ID documents of grantor and grantee
2. Proof of Relationship: Documents proving relationship between grantor and grantee, if relevant
3. Additional Authorization Documents: Any supporting documents required by specific circumstances (e.g., corporate resolutions, trust documents)
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