Document background
The Authorization Letter To Open Bank Account is a crucial document in Austrian banking practice, commonly used when an individual or entity cannot personally present themselves at a bank to open an account. This situation often arises in cases of overseas investors, busy executives, persons with limited mobility, or companies delegating authority to local representatives. The document must conform to Austrian banking regulations and anti-money laundering laws, particularly the Bankwesengesetz (BWG) and FM-GwG. It typically includes comprehensive identification details of both the authorizing and authorized parties, specific scope of banking powers granted, temporal limitations, and may require notarization. The letter serves as a legal basis for the bank to allow the authorized representative to undertake the account opening process and potentially perform specified banking operations.
