Bank Consent Form Template for Singapore

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Key Requirements PROMPT example:

Bank Consent Form

"Need a Bank Consent Form for our Singapore retail banking division that covers both personal data processing and marketing communications, with specific provisions for sharing data with our new fintech partners launching in March 2025."

Document background

The Bank Consent Form is a critical document in Singapore's banking sector, required whenever financial institutions need to collect, process, or share customer information. It ensures compliance with Singapore's strict banking secrecy laws and data protection regulations. The form typically includes specific permissions for data usage, processing purposes, and third-party sharing arrangements. Banks use this document to maintain transparency with customers while protecting themselves legally. The form must align with both the Personal Data Protection Act (PDPA) and the Banking Act, making it an essential component of Singapore's banking compliance framework.

Suggested Sections

1. Customer Information: Basic identification and account details of the customer, including full name, NRIC/Passport number, account numbers, and contact information

2. Purpose of Consent: Clear statement explaining why the bank is seeking consent and how the customer's information will be used, processed, or disclosed

3. Scope of Consent: Detailed description of the specific information covered by the consent and the permitted uses

4. Duration of Consent: Specification of the time period for which the consent remains valid, including any renewal or termination conditions

5. Declaration: Customer's acknowledgment and agreement to the terms, including signature block and date

Optional Sections

1. Third Party Recipients: List of third parties who may receive information, used when information sharing with external parties is involved

2. Cross-border Transfer: Details of overseas transfer of information, required when banking relationships involve international data transfers

3. Marketing Consent: Additional consent for marketing purposes, included if the bank plans to use information for marketing activities

4. Withdrawal of Consent: Process and implications of withdrawing consent, included when the consent is for ongoing activities

Suggested Schedules

1. Privacy Policy Reference: Reference to the bank's privacy policy details and information on where to find the full policy

2. List of Authorized Recipients: Detailed list of entities authorized to receive the customer's information

3. Contact Information Schedule: Contact details for the bank's data protection officer and other relevant points of contact

4. Applicable Laws and Regulations: Reference to relevant Singapore laws and regulations governing the consent

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
Financial Services
Insurance
Fintech

Relevant Teams

Legal
Compliance
Customer Service
Operations
Data Protection

Relevant Roles

Compliance Officer
Data Protection Officer
Account Manager
Risk Manager
Legal Counsel

How Genie AI reduced drafting time by 75% for a legal firm

Let's create your Bank Consent Form

Authors

Alex Denne

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