Electronic Funds Transfer Authorization Form Template for Singapore

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Key Requirements PROMPT example:

Electronic Funds Transfer Authorization Form

"I need an Electronic Funds Transfer Authorization Form for my Singapore-based tech startup to set up recurring monthly transfers of SGD 5,000 to our suppliers, starting from March 2025, with specific provisions for transaction notifications and maximum transfer limits."

Document background

The Electronic Funds Transfer Authorization Form serves as a crucial document in Singapore's digital banking landscape, enabling secure and regulated transfer of funds between accounts. This document, governed by Singapore's Payment Services Act 2019 and overseen by the Monetary Authority of Singapore, is essential for establishing recurring payments, direct debits, or one-time transfers. It contains necessary account details, transfer specifications, and authorization parameters while ensuring compliance with local data protection and electronic transaction regulations. The form is designed to protect both the financial institution and the account holder while facilitating efficient electronic fund movements.

Suggested Sections

1. Account Holder Information: Details of the account holder including name, address, contact information, and identification details as required by Singapore regulations

2. Bank Account Details: Complete banking information including account number, bank name, branch details, and account type

3. Authorization Statement: Express authorization for electronic fund transfers, including acknowledgment of PSA and ETA requirements

4. Transfer Details: Specification of transfer parameters including frequency, amount, purpose, and any transaction limits

5. Terms and Conditions: General terms governing the authorization, including data protection clauses, liability provisions, and regulatory compliance statements

Optional Sections

1. Multiple Account Authorization: Additional section for authorizing transfers between multiple accounts owned by the same account holder

2. International Transfer Details: Supplementary information required for cross-border transactions, including compliance with international banking regulations

3. Standing Instructions: Detailed instructions for recurring transfers, including modification and cancellation procedures

Suggested Schedules

1. Schedule A: Fee Schedule: Comprehensive breakdown of all applicable transfer fees, charges, and currency conversion rates

2. Schedule B: Required Documentation: List of supporting documents required for verification as per Singapore banking regulations

3. Schedule C: Terms of Service: Detailed terms and conditions including regulatory compliance requirements, data protection measures, and dispute resolution procedures

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
E-commerce
Insurance
Real Estate
Telecommunications

Relevant Teams

Finance
Treasury
Compliance
Operations
Legal

Relevant Roles

Finance Manager
Accounts Payable Manager
Treasury Manager
Compliance Officer
Banking Operations Manager

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Let's create your Electronic Funds Transfer Authorization Form

Authors

Alex Denne

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