Authorization Letter To Transfer Account Name for Malaysia

Authorization Letter To Transfer Account Name Template for Malaysia

An Authorization Letter to Transfer Account Name is a formal document used in Malaysia's banking system that grants authority to change the name associated with a bank account. This document, governed by Malaysian banking regulations including the Financial Services Act 2013, serves as official permission from the current account holder to transfer the account name to another party. The letter must comply with Malaysian banking protocols and typically requires proper verification, witnessing, and supporting documentation to be legally valid and actionable by the banking institution.

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What is a Authorization Letter To Transfer Account Name?

The Authorization Letter To Transfer Account Name is a crucial document in Malaysian banking operations, used when there's a need to change the named owner of a bank account. This situation commonly arises in various scenarios such as marriage-related name changes, business restructuring, or inheritance matters. The document must comply with Malaysian banking regulations, particularly the Financial Services Act 2013 and anti-money laundering legislation. It typically includes detailed information about both the current and new account holders, specific account details, clear authorization language, and any conditions attached to the transfer. Banks in Malaysia require this formal authorization to protect both the institution and account holders, ensuring proper documentation of the transfer request and maintaining a clear audit trail for regulatory compliance.

What sections should be included in a Authorization Letter To Transfer Account Name?

1. Letter Date and Place: Current date and location of writing the authorization letter

2. Bank Details: Full name and address of the bank branch where the account is held

3. Account Holder Information: Current account holder's full name, ID number, and contact details

4. Account Details: Specific account number and type of account to be transferred

5. Authorization Statement: Clear statement of authorization to transfer the account name, including the new account holder's details

6. Transfer Reason: Brief explanation of the reason for the account name transfer

7. Declaration of Voluntary Action: Statement confirming this is being done voluntarily and with full understanding

8. Execution Block: Space for signature, name, and date of signing by the current account holder

What sections are optional to include in a Authorization Letter To Transfer Account Name?

1. Witness Details: Required when additional verification of signature is needed or requested by the bank

2. Joint Account Holder Authorization: Required when the account is jointly held and all holders must authorize the transfer

3. Corporate Authorization: Required when the account holder is a company, including board resolution references

4. Conditional Terms: Any specific conditions that must be met before the transfer takes effect

5. Time Limitation: If the authorization is only valid for a specific period

What schedules should be included in a Authorization Letter To Transfer Account Name?

1. Identity Documents: Copies of identification documents of current and new account holders

2. Proof of Address: Recent utility bills or other documents proving current address

3. Board Resolution: If corporate account, resolution authorizing the transfer

4. Marriage Certificate: If transfer is due to marriage/name change

5. Death Certificate: If transfer is due to death of account holder

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Malaysia

Publisher

Genie AI

Document Type

Letter of Authority

Sector

Banking

Cost

Free to use
Relevant Industries

Banking

Financial Services

Legal Services

Corporate Services

Retail Banking

Investment Banking

Insurance

Asset Management

Professional Services

Public Sector

Relevant Teams

Legal

Compliance

Customer Service

Account Services

Operations

Risk Management

Documentation

Retail Banking

Corporate Banking

Administrative Support

Relevant Roles

Bank Branch Manager

Account Relationship Manager

Compliance Officer

Legal Counsel

Customer Service Representative

Banking Operations Manager

Risk Management Officer

Corporate Secretary

Financial Advisor

Account Services Specialist

Documentation Specialist

Legal Administrator

Regulatory Compliance Manager

Industries
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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