An Authorization Letter For Bank Transaction is a crucial document used when an account holder needs to delegate banking transaction authority to another person in Malta. This document is particularly relevant when the account holder is unavailable, traveling, or requires assistance with banking matters. It must comply with Malta's Banking Act (Chapter 371), Prevention of Money Laundering Act, and relevant EU banking regulations. The letter typically specifies the scope of authority, transaction limits, duration, and includes comprehensive identification details of all parties involved. It's commonly used in both personal and business contexts, requiring proper witnessing and potentially notarization depending on the transaction value or type. The document serves as a legal protection for all parties involved, including the bank, and must meet strict regulatory requirements under Maltese financial services laws.
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1. Letter Header and Date: Includes the date, sender's details, and bank's details including branch information
2. Subject Line: Clear indication that this is an Authorization Letter for Bank Transaction
3. Authorizer Introduction: Full name, address, and account details of the person giving the authorization
4. Authorized Person Details: Complete information about the person being authorized, including full name, ID/passport number, and contact details
5. Account Information: Specific bank account details including account number and type
6. Scope of Authorization: Clear description of exactly what transactions or actions are being authorized
7. Duration of Authority: Specific period for which the authorization is valid
8. Declaration of Sound Mind: Statement confirming the authorizer is acting voluntarily and of sound mind
9. Signature Block: Space for signatures of authorizer, authorized person, and witnesses if required
1. Transaction Limits: Include when there are specific monetary limits on the authorization
2. Special Instructions: Any specific conditions or restrictions on the authorization
3. Emergency Contact: Alternative contact information in case of urgent matters
4. Revocation Clause: Specific conditions under which the authorization can be revoked
5. Joint Account Holder Approval: Required when the account is jointly held
6. Foreign Transaction Authorization: Include when international transactions are being authorized
7. Digital Banking Access: Include when online/digital banking access is being granted
1. Identity Verification Documents: Copies of ID/passport of both authorizer and authorized person
2. Proof of Address: Recent utility bills or other address verification documents
3. Specimen Signature Form: Official bank form with specimen signatures of authorized person
4. Bank Account Details: Recent bank statement or account verification document
5. Power of Attorney: If the authorization is part of a broader power of attorney arrangement
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