Legal Templates
Bank Transfer Authorization Form

Bank Transfer Authorization Form for Singapore

Bank Transfer Authorization Form Template for Singapore

A Bank Transfer Authorization Form under Singapore jurisdiction is a legally binding document that authorizes a financial institution to transfer funds from one account to another. The form complies with MAS regulations, the Banking Act, and Payment Services Act 2019, incorporating necessary AML/CFT requirements and data protection provisions. It serves as formal documentation of the account holder's consent and instructions for the transfer, whether for one-time or recurring transactions.

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What is a Bank Transfer Authorization Form?

The Bank Transfer Authorization Form is a critical document used in Singapore's banking system when an account holder needs to authorize their bank to transfer funds. This form, regulated under Singapore's Banking Act and MAS guidelines, includes essential details such as the account holder's information, beneficiary details, transfer amount, and execution instructions. It's particularly important for ensuring compliance with AML/CFT requirements, data protection laws, and payment services regulations. The form serves both individual and corporate clients, supporting domestic and international transfers, while providing a clear audit trail for financial transactions.

What sections should be included in a Bank Transfer Authorization Form?

1. Account Holder Information: Full name, ID/passport number, contact details, and address of the account holder

2. Bank Account Details: Account number, bank name, branch details of both source and destination accounts

3. Transfer Instructions: Transfer amount, frequency, purpose of transfer, and execution date

4. Authorization Statement: Express authorization for the bank to execute the transfer and acknowledgment of terms

5. Data Protection Notice: Statement regarding collection, use, and disclosure of personal data as per PDPA requirements

What sections are optional to include in a Bank Transfer Authorization Form?

1. Standing Instruction Details: Optional section for recurring transfers, including frequency, duration, and cancellation terms

2. Foreign Exchange Instructions: Optional section for international transfers, including currency conversion preferences and foreign exchange terms

3. Intermediary Bank Details: Optional section for transfers requiring correspondent banking arrangements

What schedules should be included in a Bank Transfer Authorization Form?

1. Schedule A - Fee Schedule: Detailed breakdown of applicable charges and fees for the transfer service

2. Schedule B - Required Documentation: List of required supporting documents including proof of identity and transaction justification documents

3. Schedule C - Terms and Conditions: Comprehensive terms and conditions governing the bank transfer service

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

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Jurisdiction

Singapore

Publisher

Genie AI

Document Type

Authorization Form

Sector

Legal Services

Cost

Free to use
Industries

Banking Act (Chapter 19): Primary legislation regulating banking business in Singapore, containing key provisions for banking transactions and customer protection measures

Payment Services Act 2019: Framework governing payment systems and service providers in Singapore, regulating fund transfers and payment transactions

MAS Guidelines: Regulatory guidelines including Payment Services Regulations, Notice PSN02 on Prevention of Money Laundering and Countering the Financing of Terrorism, and E-Payments User Protection Guidelines

Personal Data Protection Act 2012: Legislation governing the collection, use, and disclosure of personal data, including consent requirements and data protection obligations

Electronic Transactions Act (Chapter 88): Legal framework providing for the recognition of electronic signatures and validity of electronic records and transactions

AML/CFT Requirements: Anti-Money Laundering and Countering the Financing of Terrorism requirements including customer due diligence and transaction monitoring obligations

Teams

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