The Authority Letter for Bank Account Opening is essential in Singapore's banking system for delegating account operation rights. It's commonly used when account holders need to authorize others to manage their accounts, whether for personal or business purposes. The document must comply with Singapore's Banking Act, MAS regulations, and AML/CFT requirements. It typically includes detailed information about the account holder, authorized person(s), scope of authority, and any applicable restrictions or conditions. This formal authorization is particularly important in Singapore's highly regulated banking environment, where clear documentation of banking authorities is required.
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Key Requirements PROMPT example:
Authority Letter For Bank Account Opening
"I need an Authority Letter for Bank Account Opening that authorizes my CFO, Sarah Chen, to operate all company bank accounts with DBS Bank Singapore, with full transaction rights but a monthly limit of SGD 500,000, effective from March 1, 2025."
1. Letter Date and Reference: Current date and any reference numbers
2. Bank Details: Full name and address of the bank branch
3. Account Holder Details: Full name, identification details, and address of the account holder
4. Authorization Statement: Clear statement of authority being granted and its scope
5. Authorized Person Details: Full name, identification details of the person being authorized
6. Powers Granted: Specific list of authorized activities and transactions
7. Duration of Authority: Validity period of the authorization
1. Transaction Limits: Specific monetary limits on transactions, used when authority needs to be restricted
2. Multiple Signatories: Details of multiple authorized persons, used when more than one person is being authorized
3. Special Instructions: Any specific conditions or restrictions, used when special handling is required
1. Identity Documents: Copies of relevant identification documents of account holder and authorized person(s)
2. Company Resolution: For corporate accounts, board resolution authorizing the arrangement
3. Specimen Signatures: Signature samples of authorized persons
Authors
Relevant legal definitions
Clauses
Authorization Scope
Account Operations
Powers and Limitations
Transaction Authority
Specimen Signatures
Duration of Authority
Revocation
Indemnification
Governing Law
Bank Instructions
Communication Methods
Verification Procedures
Reporting Requirements
Termination
Notice Requirements
Compliance Requirements
Account Operations
Powers and Limitations
Transaction Authority
Specimen Signatures
Duration of Authority
Revocation
Indemnification
Governing Law
Bank Instructions
Communication Methods
Verification Procedures
Reporting Requirements
Termination
Notice Requirements
Compliance Requirements
Relevant Industries
Relevant Teams
Relevant Roles
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