Authorisation Letter For Bank Template for Singapore

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Key Requirements PROMPT example:

Authorisation Letter For Bank

"I need an Authorization Letter for Bank that allows my finance director to manage all banking transactions while I'm on medical leave from March to July 2025, with transaction limits of up to SGD 50,000 per transaction."

Document background

An Authorization Letter for Bank is essential when an account holder needs to delegate banking authority to another person in Singapore. This document is commonly used during extended absences, business travel, or when appointing authorized signatories for corporate accounts. The letter must adhere to Singapore's banking regulations, including MAS Guidelines and the Banking Act. It typically includes detailed information about the parties involved, specific authorized activities, duration of authority, and any transaction limits. The document serves as a crucial tool for maintaining control over banking activities while ensuring compliance with Singapore's stringent banking and data protection requirements.

Suggested Sections

1. Date: Current date of the authorization letter

2. Bank Details: Name and address of the bank

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

4. Authorized Person Details: Full name, address, and identification details of the person being authorized

5. Scope of Authorization: Specific banking activities being authorized

6. Duration of Authorization: Validity period of the authorization

7. Signature Block: Space for account holder's signature and witness signatures

Optional Sections

1. Transaction Limits: Specific monetary limits for transactions, used when authorizing financial transactions

2. Special Instructions: Any specific conditions or restrictions, included when there are special requirements

3. Revocation Clause: Terms for revoking the authorization, included for longer-term authorizations

Suggested Schedules

1. Identification Documents: Copies of account holder's and authorized person's identification

2. Specimen Signature: Specimen signature of the authorized person

3. Supporting Documents: Any additional documents required by the bank for specific authorizations

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking and Financial Services
Corporate Services
Retail
Professional Services

Relevant Teams

Finance
Treasury
Legal
Corporate Secretariat
Operations
Compliance

Relevant Roles

Chief Financial Officer
Finance Director
Company Secretary
Treasury Manager
Account Manager
Business Owner

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Let's create your Authorisation Letter For Bank

Authors

Alex Denne

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