The Account Authorization Letter is a critical banking document used in Malaysia when an account holder needs to delegate banking authority to another individual. This document is essential in situations where the account holder may be unavailable, incapacitated, or requires assistance in managing their banking affairs. The letter must comply with Malaysian banking regulations, particularly the Financial Services Act 2013 and Bank Negara Malaysia guidelines. It typically includes detailed information about the account holder, the authorized person, specific powers granted, transaction limits, and duration of the authorization. This document is commonly used in both personal and business contexts, requiring proper witnessing and sometimes notarization depending on the authorization's scope.
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1. Letter Header: Bank's name and address, date, and reference number if applicable
2. Account Holder Details: Full name, address, and identification details of the account holder(s)
3. Account Information: Specific account numbers and types being subject to the authorization
4. Authorized Person Details: Full name, identification details, and contact information of the person being authorized
5. Scope of Authorization: Clear description of what actions the authorized person can take on the account
6. Duration of Authority: Validity period of the authorization, including start date and end date if applicable
7. Declaration: Statement confirming the account holder's voluntary authorization and understanding of its implications
8. Signatures: Space for account holder's signature, witness signatures if required, and date
1. Transaction Limits: Specific monetary limits on transactions the authorized person can perform, used when the account holder wants to set boundaries
2. Special Instructions: Any specific conditions or restrictions on the authorization, included when there are particular requirements
3. Specimen Signature: Space for the authorized person's signature specimen, used when required by the bank
4. Joint Account Holder Authorization: Additional authorization section for joint accounts, required when account has multiple holders
5. Revocation Clause: Terms for revoking the authorization, included when the account holder wants specific revocation conditions
1. Schedule A - List of Authorized Accounts: Detailed list of all accounts covered by the authorization, used when multiple accounts are involved
2. Schedule B - Transaction Parameters: Detailed breakdown of transaction types and their respective limits
3. Appendix 1 - Required Identification Documents: Copies or details of identification documents for both account holder and authorized person
4. Appendix 2 - Bank's Terms and Conditions: Standard bank terms and conditions relating to account authorizations
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