Third Party Authorization Letter Bank for Malaysia

Third Party Authorization Letter Bank Template for Malaysia

A Third Party Authorization Letter for banking purposes in Malaysia is a formal document that grants specific banking transaction authority to a designated individual or entity. Governed by Malaysian banking regulations, particularly the Financial Services Act 2013 and relevant Bank Negara Malaysia guidelines, this document enables the authorized party to conduct defined banking transactions on behalf of the account holder. The letter includes detailed identification of both parties, specific authorizations granted, duration of authority, and necessary security measures to comply with Malaysian banking and anti-money laundering regulations.

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What is a Third Party Authorization Letter Bank?

The Third Party Authorization Letter Bank is a crucial document in Malaysian banking operations, designed to facilitate secure delegation of banking authorities while maintaining compliance with local regulations. This document becomes necessary when account holders need to authorize others to conduct banking transactions on their behalf, whether due to business requirements, personal circumstances, or practical necessities. It's commonly used in situations involving overseas travel, illness, business operations, or when companies need to delegate banking authorities to specific employees. The letter must comply with Malaysian banking regulations, including the Financial Services Act 2013 and Bank Negara Malaysia guidelines, and typically includes comprehensive details about the account holder, authorized party, scope of authorization, and security measures to prevent unauthorized access or fraud.

What sections should be included in a Third Party Authorization Letter Bank?

1. Account Holder Information: Full legal name, address, contact details, and account number(s) of the primary account holder

2. Authorized Party Information: Complete details of the person being authorized, including full legal name, identification number, contact information

3. Authorization Scope: Clear specification of the banking activities and transactions the third party is authorized to perform

4. Duration of Authorization: Validity period of the authorization, including start date and end date if applicable

5. Declaration and Signature: Formal declaration of the account holder's intent and wet signature with date

6. Witness Details: Information and signatures of required witnesses as per banking regulations

What sections are optional to include in a Third Party Authorization Letter Bank?

1. Transaction Limits: Specific monetary limits for transactions, used when the account holder wants to set caps on authorized amounts

2. Special Instructions: Any specific conditions or restrictions on the authorization, included when there are particular limitations

3. Revocation Clause: Specific terms for how the authorization can be revoked, included when the account holder wants explicit revocation procedures

4. Digital Banking Access: Authorization for online/mobile banking access, included when digital access is required

5. Joint Account Details: Additional information required when the authorization relates to a joint account

What schedules should be included in a Third Party Authorization Letter Bank?

1. Identification Documents: Copies of account holder and authorized party's identification documents (IC/passport)

2. Specimen Signature: Specimen signatures of both the account holder and authorized party

3. Bank Account Details: List of specific accounts covered by the authorization

4. Verification Documents: Any additional documents required by the bank for verification purposes

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

Professional Services

Healthcare

Education

Real Estate

Retail

Manufacturing

Import/Export

Legal Services

Business Services

Insurance

Relevant Teams

Legal

Finance

Compliance

Treasury

Corporate Services

Administration

Risk Management

Operations

Company Secretarial

Banking Operations

Relevant Roles

Finance Manager

Company Secretary

Legal Counsel

Compliance Officer

Banking Relationship Manager

Chief Financial Officer

Treasury Manager

Accounts Manager

Business Owner

Managing Director

Corporate Services Manager

Administrative Officer

Financial Controller

Operations Manager

Risk 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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