Direct Credit Authorisation Form Template for Singapore

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Key Requirements PROMPT example:

Direct Credit Authorisation Form

"I need a Direct Credit Authorisation Form for my Singapore-based company to set up automated salary payments for 200 employees, with the first payment to be processed by March 2025 through DBS Bank."

Document background

The Direct Credit Authorisation Form is a standardized document used in Singapore's banking system to facilitate secure electronic fund transfers. It is required when setting up automated payments such as salary credits, dividend payments, or government disbursements. The form, governed by MAS regulations and the Payment Services Act 2019, collects essential information including the account holder's details, bank account information, and explicit authorization for direct credits. It serves as a secure and efficient alternative to check payments and manual transfers, reducing processing time and administrative overhead.

Suggested Sections

1. Account Holder Information: Personal details including name, ID number, contact information of the account holder

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

3. Authorization Declaration: Formal declaration authorizing the organization to credit payments directly to the specified bank account

4. Terms and Conditions: Standard terms governing the direct credit arrangement including processing timeframes and procedures

5. Signature Section: Space for account holder's signature, date, and verification details

Optional Sections

1. Secondary Account Details: Additional section for cases where multiple accounts are involved in the direct credit arrangement

2. Company Authorization: Additional authorizations and declarations required for corporate accounts, including authorized signatories

3. Joint Account Declaration: Special declarations and requirements for joint account holders

Suggested Schedules

1. Supporting Document Checklist: List of required supporting documents such as ID copy, proof of address, and other verification documents

2. Bank Terms and Conditions: Detailed bank-specific terms and conditions governing the direct credit service

3. Privacy Policy: Detailed data protection and privacy policies in accordance with PDPA requirements

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
Human Resources and Payroll
Government Services
Insurance
Investment Services

Relevant Teams

Finance
Human Resources
Treasury
Payroll
Operations

Relevant Roles

Payroll Manager
Finance Director
HR Manager
Treasury Manager
Accounts Payable Manager

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Let's create your Direct Credit Authorisation Form

Authors

Alex Denne

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