Direct Authorization Form Template for Singapore

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Key Requirements PROMPT example:

Direct Authorization Form

"Need a Direct Authorization Form for our Singapore subsidiary to set up recurring monthly payments to five different vendors, with a maximum transaction limit of SGD 50,000 per vendor per month, effective from January 2025."

Document background

The Direct Authorization Form is a critical document in Singapore's banking and financial services sector, used when an account holder needs to grant specific permissions for banking operations or payment processing. It ensures compliance with Singapore's strict banking regulations while protecting both the institution and the account holder. This document typically includes account details, authorization parameters, transaction limits, and may cover single or recurring transactions. The form is especially important in Singapore's highly regulated financial environment, where clear documentation of banking authorizations is mandatory.

Suggested Sections

1. Account Holder Information: Personal/company details of the account holder including full name, ID/registration number, contact details and address

2. Authorization Details: Specific permissions being granted, including transaction types, purposes, and any applicable limits

3. Bank Account Information: Relevant bank account details including account number, bank name, branch, and account type

4. Declaration: Account holder's confirmation of understanding and agreement to the authorization terms

5. Signature Block: Space for authorized signatures, names, dates, and witness details if required

Optional Sections

1. Multiple Account Authorization: Additional section for listing multiple accounts when authorization covers more than one account

2. Third Party Authorization: Section detailing the rights and permissions granted to authorized third parties including their full details

3. Specific Transaction Limits: Detailed section specifying transaction limits, frequency restrictions, and other custom authorization parameters

Suggested Schedules

1. Schedule of Authorized Persons: Comprehensive list of all individuals authorized to operate the account, including their specimen signatures

2. Transaction Limit Schedule: Detailed breakdown of transaction limits, including daily/monthly caps and transaction type restrictions

3. Terms and Conditions: Standard bank terms and conditions relating to the authorization, including liability and termination clauses

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking
Financial Services
Corporate Services
Insurance
Retail

Relevant Teams

Finance
Operations
Compliance
Legal
Treasury

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Finance Manager
Compliance Officer
Account Manager
Treasury Manager
Operations Director

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Authors

Alex Denne

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