Document background
The Authorization Letter for Jewelry Pawnshop serves as a crucial legal instrument in Singapore's regulated pawnbroking sector. This document becomes necessary when jewelry owners cannot personally conduct pawnbroking transactions and need to delegate this authority to a trusted representative. The letter must conform to Singapore's strict regulatory framework, particularly the Pawnbrokers Act 2015 and related legislation. It typically includes detailed identification of all parties, specific powers granted, transaction limits if any, and duration of authorization. This authorization is particularly important given Singapore's stringent requirements for identity verification and anti-money laundering compliance in precious metal transactions.
