A Letter to Bank for Change in Authorized Signatory is a crucial document used in Australian banking operations when an account holder needs to modify who can operate their bank account. This document is necessary when organizations undergo personnel changes, during company restructuring, when signatories leave an organization, or when new authorities need to be granted. It must comply with Australian banking regulations, including the Banking Act 1959 and Anti-Money Laundering and Counter-Terrorism Financing Act 2006. The letter includes detailed information about the account holder, account details, current and new signatories, and any specific signing arrangements. It's commonly used across all business sectors and requires careful preparation to ensure all banking requirements are met and the transition of account authority is smooth and secure.
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1. Bank Details: Full name and address of the bank branch where the account is held
2. Account Information: Account number, type of account, and current account name
3. Account Holder Details: Full legal name and contact information of the account holder
4. Request Statement: Clear statement of the purpose of the letter - requesting change in authorized signatories
5. Current Signatories: Details of existing authorized signatories to be removed or retained
6. New Signatories: Details of new signatories to be added, including full names and positions (if applicable)
7. Effective Date: The date from which the change in signatories should take effect
8. Authorization: Statement confirming the authority to make this request, particularly important for organizational accounts
1. Corporate Resolution Reference: For company accounts, reference to the board resolution authorizing the change in signatories
2. Signing Limits: If there are specific transaction limits or conditions for different signatories
3. Special Instructions: Any specific signing arrangements (e.g., two signatures required for transactions above certain amounts)
4. Reason for Change: Explanation for the change in signatories, if required by the bank
5. Digital Banking Access: Instructions regarding online banking access for new signatories, if applicable
1. Identity Documents: Copies of identification documents for new signatories (usually attached as per bank's KYC requirements)
2. Specimen Signatures: Sample signatures of new authorized signatories
3. Board Resolution: For corporate accounts, copy of board resolution authorizing the change (if required)
4. Existing Mandate: Copy of current signing mandate or authority (if required by bank)
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Corporate Services
Legal Services
Small Business
Retail
Manufacturing
Healthcare
Education
Non-Profit Organizations
Professional Services
Government and Public Sector
Real Estate
Relevant Teams
Finance
Legal
Administration
Compliance
Treasury
Corporate Secretariat
Executive Management
Operations
Governance
Relevant Roles
Chief Financial Officer
Finance Manager
Company Secretary
Financial Controller
Accounts Manager
Treasury Manager
Business Owner
Managing Director
Chief Executive Officer
Board Director
Finance Director
Office Manager
Administrative Manager
Compliance Officer
Legal Counsel
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