Document background
An Authorization Letter to Open Bank Account is commonly used when an individual or organization needs to delegate the authority to open a bank account to another party. This document is particularly relevant in England and Wales, where strict banking regulations govern account opening procedures. The letter typically includes detailed information about all parties involved, specific powers being granted, and the duration of the authorization. It must comply with UK banking regulations, including the Financial Services and Markets Act 2000 and Money Laundering Regulations 2017. The document is essential for situations involving overseas account holders, corporate representatives, or when the primary account holder cannot be physically present.
