Banking Act (Chapter 19): Primary legislation governing banking institutions and financial transactions in Singapore. Provides framework for banking operations and financial authorizations.
Securities and Futures Act (Chapter 289): Regulates securities, futures, and financial markets activities. Relevant for financial authorizations involving investment products or securities.
Companies Act (Chapter 50): Governs corporate entities in Singapore, including their authority to give and receive financial authorizations.
Personal Data Protection Act 2012: Ensures protection of personal data in financial documents and authorizations, including consent requirements and data handling.
MAS Guidelines: Regulatory guidelines issued by Monetary Authority of Singapore governing financial institutions and transactions.
AML/CFT Requirements: Anti-Money Laundering and Countering the Financing of Terrorism requirements for financial transactions and authorizations.
Electronic Transactions Act: Governs electronic transactions and digital signatures, relevant if the authorization is executed electronically.
Contracts Act (Chapter 53): Provides general principles of contract law applicable to financial authorization letters.
Financial Advisers Act: Regulates financial advisory services and related authorizations.
Key Compliance Components: Essential elements including party identification, scope of authority, duration, transaction limits, data protection, execution requirements, and witness/notarization needs.
