Disbursement Authorization Form for Singapore

Disbursement Authorization Form Template for Singapore

A Disbursement Authorization Form under Singapore law is a formal document that authorizes the release of funds from one party to another. It complies with Singapore's Banking Act and MAS regulations, incorporating necessary AML/CFT requirements. The form serves as both an authorization record and an audit trail for financial transactions, ensuring proper documentation and compliance with Singapore's financial regulations.

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What is a Disbursement Authorization Form?

The Disbursement Authorization Form is a critical document used in Singapore's financial landscape to facilitate and document authorized fund transfers. It is required whenever funds need to be released from accounts, particularly in regulated environments. The form ensures compliance with Singapore's strict financial regulations, including MAS guidelines and AML/CFT requirements. It typically includes detailed information about the requestor, beneficiary, payment details, and authorization levels, serving as both a control mechanism and an audit trail for financial transactions.

What sections should be included in a Disbursement Authorization Form?

1. Requestor Information: Details of the person/entity requesting the disbursement including name, identification/registration number, contact details and address

2. Payment Details: Specific details about the payment including amount, currency, payment method, and requested disbursement date

3. Beneficiary Information: Complete details of the payment recipient including name, bank account details, bank name and branch, and account currency

4. Authorization Declaration: Formal statement confirming the authority to request disbursement and declaring the legitimacy of the transaction

5. Signature Block: Designated space for authorized signatures, names, designations, and dates of signing

What sections are optional to include in a Disbursement Authorization Form?

1. Purpose of Payment: Section for declaring the reason for payment, typically required for large transactions or compliance purposes

2. Supporting Documents: Section listing all attached supporting documentation required for verification

3. Internal Approvals: Section for additional approval requirements, typically used in corporate settings with multi-level approval processes

What schedules should be included in a Disbursement Authorization Form?

1. Schedule A - Supporting Documents: Comprehensive list of required supporting documents that must be attached to the form

2. Schedule B - Authorization Matrix: Details of approval limits and authorized signatories, particularly relevant for corporate use

3. Schedule C - Payment Instructions: Detailed payment routing instructions for complex payment structures or special handling requirements

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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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Banking and Financial Services
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Finance
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Finance Manager
Treasury Officer
Compliance Officer
Financial Controller
Accounts Payable Manager

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To Whom It May Concern Authorization Letter

A Singapore-compliant authorization letter granting specific powers to act on behalf of the authorizing party.

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What is a Disbursement Authorization Form?

What sections should be included in a Disbursement Authorization Form?

What sections are optional to include in a Disbursement Authorization Form?

What schedules should be included in a Disbursement Authorization Form?

Authors

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