Letter To Bank For Authorised Person for Singapore

Letter To Bank For Authorised Person Template for Singapore

A formal letter submitted to a bank in Singapore, authorizing a specified individual to conduct banking transactions on behalf of the account holder. The document complies with Singapore banking regulations and typically includes detailed information about the authorized person's powers, limitations, and identity verification in accordance with MAS guidelines. It serves as a legally binding instruction to the bank regarding the scope of authority granted.

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What is a Letter To Bank For Authorised Person?

The Letter To Bank For Authorised Person is a crucial document in Singapore's banking framework, used when an account holder needs to delegate banking authority to another individual. This document is essential for businesses and individuals who require representatives to handle their banking matters, particularly when the primary account holder cannot personally manage all banking transactions. The letter must comply with Singapore's Banking Act and MAS regulations, including proper identification and verification requirements. It typically specifies transaction limits, duration of authority, and specific powers granted to the authorized person, providing both flexibility for the account holder and security for the bank.

What sections should be included in a Letter To Bank For Authorised Person?

1. Bank Details: Full name and address of the bank branch

2. Account Information: Account number(s) and type(s) of account(s)

3. Account Holder Details: Full name and address of the account holder

4. Authorized Person Details: Full name, ID/passport number, and contact details of authorized person

5. Scope of Authority: Specific powers and transactions the authorized person can perform

What sections are optional to include in a Letter To Bank For Authorised Person?

1. Transaction Limits: Monetary limits for transactions, used when authority needs to be restricted

2. Duration of Authority: Time period for authorization, used when authority is temporary

3. Special Instructions: Any specific conditions or restrictions, used when special handling is required

What schedules should be included in a Letter To Bank For Authorised Person?

1. Identity Documents: Copies of authorized person's identification documents

2. Corporate Resolution: If account holder is a company, board resolution authorizing the arrangement

3. Specimen Signature: Signature specimen of the authorized person

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

Jurisdiction

Singapore

Publisher

Genie AI

Document Type

Letter of Authority

Sector

Banking

Cost

Free to use
Industries

Banking Act (Cap. 19): Primary legislation governing banking operations in Singapore, including provisions for bank accounts, authorized signatories, and requirements for banking transactions and authorizations

Companies Act (Cap. 50): Relevant for corporate account holders, covering corporate authorization requirements, powers of company representatives, and directors' and officers' authorities

Anti-Money Laundering Regulations: Including MAS Notice 626 on AML/CFT, specifying requirements for customer due diligence and verification of authorized persons' identities

Personal Data Protection Act 2012 (PDPA): Governs the handling of personal information, including consent requirements for data collection and usage, and data protection obligations

Electronic Transactions Act: Covers requirements for electronic submissions, electronic signatures, and legal validity of electronic authorizations

Financial Advisers Act: Applicable when financial advisory services are involved, specifying requirements for authorized representatives

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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