The Authorization Letter For Financial Assistance is a crucial document in Singapore's financial landscape, commonly used when an individual needs to delegate financial responsibilities to another party. It's particularly relevant when the authorizer cannot personally handle financial matters due to absence, illness, or other circumstances. The document must comply with Singapore's stringent financial regulations, including MAS guidelines and the Banking Act. It typically specifies the scope of authority, duration, transaction limits, and includes necessary safeguards to protect both parties' interests. This authorization letter serves as a legal instrument recognized by Singapore financial institutions and regulatory bodies.
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1. Date: Current date of the authorization letter
2. Authorizer Details: Full name, identification, contact details of person giving authorization
3. Authorized Party Details: Full name, identification, contact details of person receiving authorization
4. Purpose: Clear statement of the specific financial assistance being authorized
5. Scope of Authorization: Specific powers and limitations of the authorization
6. Duration: Period for which the authorization is valid
1. Witness Details: Required when additional verification is needed for high-value transactions or when required by receiving institution
2. Specific Transaction Details: Specific account numbers or transaction limits, used when authorization is for specific accounts or limited transactions
3. Revocation Clause: Terms for cancelling the authorization, included when flexibility to revoke is required
1. Identification Documents: Copies of relevant ID documents of authorizer and authorized party
2. Proof of Address: Recent utility bills or other address verification documents
3. Banking Details: Relevant account information or banking forms
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