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Bank Letter Of Instruction

Bank Letter Of Instruction Template for Singapore

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Key Requirements PROMPT example:

Bank Letter Of Instruction

"Need a Bank Letter of Instruction for setting up a recurring monthly transfer of SGD 50,000 from our corporate account to our subsidiary's account in Malaysia, starting from March 2025, with specific requirements for dual authorization."

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Document background
The Bank Letter of Instruction is a critical document in Singapore's banking operations, used when account holders need to provide specific, formal instructions to their bank for various banking transactions or services. This document type is particularly important in Singapore's highly regulated banking environment, where clear documentation and proper authorization are essential for compliance with MAS requirements. The Letter of Instruction typically includes detailed information about the transaction, authorization levels, verification methods, and any specific conditions or requirements. It serves as both an authorization tool and a record of the account holder's intentions, providing protection for both the bank and the customer.
Suggested Sections

1. Bank Details: Full name and address of the receiving bank, including branch information and relevant contact details

2. Account Information: Complete account details including account number, type, currency and account holder information

3. Instruction Purpose: Clear statement of the purpose and nature of the instruction, including the specific banking services or transactions being authorized

4. Authorization Details: Specific authorization being granted, its scope, and limitations of the instruction

5. Transaction Details: Specific details of the transaction(s) being authorized, including amounts, currencies, and beneficiary information if applicable

6. Authentication Method: Specified method of verification for the instruction and security measures to be implemented

Optional Sections

1. Duration: Timeframe specification for the instruction if not one-time, including start date and end date if applicable

2. Fee Authorization: Authorization for specific fees and charges related to the instruction or transaction

3. Special Instructions: Any special handling or processing requirements, including specific conditions or contingencies

Suggested Schedules

1. Identity Verification Documents: Copies of required identification documents as per banking and regulatory requirements

2. Supporting Documents: Any relevant documentation supporting the instruction or transaction

3. Fee Schedule: Detailed breakdown of applicable fees and charges for the requested services

4. Authorization Matrix: Details of authorized signatories, their signing powers and transaction limits

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

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alex.den.21@genieai.co
Industries

Banking Act (Cap. 19): Primary legislation governing banking institutions and operations in Singapore, including banking secrecy provisions and operational requirements

Monetary Authority of Singapore Act (Cap. 186): Establishes MAS's regulatory authority and oversight of financial institutions in Singapore

Financial Advisers Act (Cap. 110): Regulates financial advisory services and ensures proper conduct in financial recommeNDAtions

AML/CFT Notices: Regulatory notices regarding Anti-Money Laundering and Countering the Financing of Terrorism requirements for financial institutions

Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act: Provides framework for preventing and detecting money laundering and serious crimes

Terrorism (Suppression of Financing) Act: Legislative framework for preventing and combating terrorist financing activities

Personal Data Protection Act 2012: Governs the collection, use, and disclosure of personal data by organizations

Contract Law (Amendment) Act 2012: Updates to Singapore's contract law framework governing formation and enforcement of contracts

Electronic Transactions Act: Provides legal framework for electronic transactions and digital signatures

MAS Guidelines on Fair Dealing: Regulatory guidelines ensuring fair treatment of consumers in financial services

MAS Notice 610: Requirements for submission of statistics and returns to the regulatory authority

MAS Notice 1014: Guidelines regarding the investment of insurance funds

SWIFT Standards: International messaging standards for banking communications and transactions

Consumer Protection (Fair Trading) Act: Protects consumers against unfair practices and ensures fair trading

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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