The Payment Verification Letter is a crucial document in Singapore's financial ecosystem, used to provide formal confirmation of payment transactions. It serves as an official record that can be used for accounting, audit, and legal purposes. The document must comply with Singapore's strict financial regulations, including the Payment Services Act 2019 and anti-money laundering requirements. Payment Verification Letters are particularly important in business transactions where formal proof of payment is required, such as large commercial transactions, property dealings, or international trade.
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1. Letterhead: Official letterhead including company details and date
2. Recipient Details: Full name and address of the recipient (To Whom It May Concern or specific addressee)
3. Subject Line: Clear indication that this is a Payment Verification Letter with reference numbers if applicable
4. Payment Details: Specific amount, currency, date, and method of payment being verified
5. Transaction Reference: Unique identifier or reference number for the payment transaction
6. Purpose Statement: Clear statement of what the payment was for and confirmation of receipt
7. Verification Declaration: Formal declaration confirming the payment has been received/processed
8. Signatory Block: Authorized signature, name, designation, and company stamp
1. Bank Details: Details of the bank account where payment was received (when payment was made through banking channels)
2. Outstanding Balance Statement: Statement of any remaining balance if the payment was partial
3. Payment Terms Reference: Reference to any specific payment terms or conditions that were applicable
4. Compliance Statement: Statements regarding AML/CFT compliance where required by regulation
1. Payment Receipt: Copy of original payment receipt or transaction record
2. Bank Statement Extract: Relevant extract from bank statement showing the transaction
3. Original Invoice Reference: Copy or reference to the original invoice being paid
4. Transaction History: Detailed transaction history if multiple payments are being verified
Relevant legal definitions
Payment
Transaction Date
Transaction Reference Number
Authorized Signatory
Bank Account
Payment Method
Beneficiary
Remitter
Currency
Settlement Date
Verification Period
Business Day
Banking Hours
Clearing System
Electronic Funds Transfer
Payment Platform
Payment Service Provider
Original Transaction
Supporting Documentation
Verification Statement
Transaction Date
Transaction Reference Number
Authorized Signatory
Bank Account
Payment Method
Beneficiary
Remitter
Currency
Settlement Date
Verification Period
Business Day
Banking Hours
Clearing System
Electronic Funds Transfer
Payment Platform
Payment Service Provider
Original Transaction
Supporting Documentation
Verification Statement
Clauses
Payment Details
Verification Statement
Authentication
Confidentiality
Data Protection
Record Keeping
Anti-Money Laundering
Banking Information
Transaction Reference
Authority and Capacity
Governing Law
Dispute Resolution
Representations and Warranties
Notices
Counterparts
Third Party Rights
Amendment and Variation
Electronic Execution
Further Assurance
Severability
Verification Statement
Authentication
Confidentiality
Data Protection
Record Keeping
Anti-Money Laundering
Banking Information
Transaction Reference
Authority and Capacity
Governing Law
Dispute Resolution
Representations and Warranties
Notices
Counterparts
Third Party Rights
Amendment and Variation
Electronic Execution
Further Assurance
Severability
Relevant Industries
Relevant Teams
Relevant Roles
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