The Bank Authorization Form is a fundamental document in South African banking operations, designed to establish clear permissions and authorities for banking activities. It is typically required when setting up new banking relationships, granting third-party access to accounts, or establishing specific banking permissions. The form must comply with various South African regulations, including the Banks Act 94 of 1990, FICA requirements for customer due diligence, and POPIA data protection standards. It includes essential information such as account holder details, specific authorizations granted, transaction limits (if any), and data processing consents. This document is crucial for both individual and corporate banking relationships, providing a secure and legally compliant framework for managing banking authorizations.

1. Account Holder Details: Full legal name, ID number, contact details, and address of the account holder as required by FICA

2. Bank Account Information: Complete banking details including bank name, branch code, account number, and account type

3. Authorization Declaration: Clear statement of the permissions being granted to the authorized party

4. Terms and Conditions: Standard terms governing the authorization including duration, scope, and limitations of the authority granted

5. Data Protection Consent: POPIA-compliant consent for processing personal information

6. Verification and Signature: Space for account holder signature, date, and witness details if required