The Letter to Bank for Authorised Person is essential when account holders need to delegate banking authority to other individuals while maintaining control and security. This document, governed by English and Welsh law, is commonly used when businesses need multiple signatories, during temporary absences of primary account holders, or when establishing long-term banking arrangements. It must comply with the Banking Act 2009, Money Laundering Regulations 2017, and other relevant financial regulations. The letter explicitly defines the scope of authority, ensuring both the bank and the authorized person understand their rights and limitations.
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1. Bank Details: Full name and address of the bank branch
2. Account Information: Account number, sort code, and account name
3. Authorised Person Details: Full name, address, and identification details of the authorised person
4. Scope of Authority: Specific powers being granted to the authorised person
5. Duration: Period for which the authority is valid
1. Transaction Limits: Specific monetary limits on transactions, used when authority needs to be restricted
2. Additional Verification Methods: Special verification procedures, used for enhanced security
3. Multiple Account Authorization: When authority extends to multiple accounts
1. Identification Documents: Copies of authorized person's ID and proof of address
2. Corporate Resolution: If applicable, board resolution authorizing the arrangement
3. Specimen Signature: Sample signature of the authorized person
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