Bank Authorization Form Template for Singapore

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Key Requirements PROMPT example:

Bank Authorization Form

"Need a Bank Authorization Form for our Singapore-based startup that grants our CFO and Finance Director joint authority to operate our corporate accounts, with specific provisions for international wire transfers and online banking services."

Document background

The Bank Authorization Form is a critical document in Singapore's banking system, required whenever an account holder needs to grant specific powers to their bank. This document is essential for establishing banking relationships and must comply with strict Singapore regulatory requirements, including MAS guidelines and the Banking Act. The form typically includes account holder details, authorization scope, declarations, and may require additional documentation depending on whether it's for personal or corporate accounts. It serves as a legal record of the granted authority and helps ensure compliance with Singapore's banking and data protection laws.

Suggested Sections

1. Account Holder Information: Full legal name, identification details, contact information as required by Banking Act and PDPA requirements

2. Bank Account Details: Account number, branch information, account type and other relevant banking details

3. Authorization Scope: Specific powers being granted to the bank, including transaction limits and permitted activities

4. Data Protection Declaration: PDPA-compliant declaration regarding collection, use and disclosure of personal data

5. Declaration and Signature: Statement of truth, accuracy of information, and space for signature with witness requirements

Optional Sections

1. Joint Account Authorization: Additional authorization details and signatures for joint account holders

2. Corporate Authorization Details: Corporate account specifics including authorized signatories and board resolution references

3. Special Instructions: Custom authorization limitations or specific instructions outside standard scope

Suggested Schedules

1. Schedule A - Required Documentation: List of required identification documents and supporting materials as per KYC requirements

2. Schedule B - Terms and Conditions: Standard bank terms and conditions applicable to the authorization

3. Schedule C - Corporate Resolution: Template or copy of corporate resolution (for corporate accounts)

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
International Trade

Relevant Teams

Finance
Compliance
Legal
Operations
Treasury

Relevant Roles

Bank Manager
Compliance Officer
Account Relationship Manager
Corporate Secretary
Financial Controller

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Let's create your Bank Authorization Form

Authors

Alex Denne

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