The Bank Authorization Form is a crucial document in Malaysian banking operations, designed to establish formal authorization for banks to act on behalf of account holders. This document is required when account holders need to grant their bank specific powers to conduct transactions, manage accounts, or perform other banking services on their behalf. The form must comply with Malaysian banking regulations, particularly the Financial Services Act 2013 and Bank Negara Malaysia requirements. It typically includes detailed account holder information, specific authorizations granted, validity period, and necessary declarations. The document is essential for both individual and corporate accounts, requiring careful attention to data protection requirements under the PDPA 2010 and anti-money laundering regulations.
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1. Account Holder Information: Details of the individual or entity granting the authorization, including full name, account number(s), and contact information
2. Bank Information: Details of the bank, including name, branch, and relevant identification codes
3. Authorization Scope: Clear description of the powers being granted to the bank, including specific actions authorized
4. Duration and Validity: Period for which the authorization is valid and any conditions for termination
5. Data Protection Notice: Mandatory disclosure regarding the collection and use of personal data as per PDPA 2010
6. Declaration: Statement confirming the account holder understands and agrees to the authorization terms
7. Execution Block: Signature section with witnessing requirements and date
1. Joint Account Details: Additional section required when the authorization relates to a joint account, specifying operating mandates
2. Corporate Authorization: Required for corporate accounts, including board resolution references and authorized signatory details
3. Electronic Authorization Consent: Required when the form can be executed electronically, including consent to electronic signatures
4. Foreign Currency Services: Optional section for authorizations involving foreign currency accounts or transactions
5. Standing Instructions: Optional section for recurring transaction authorizations
1. Schedule A - Authorized Transaction Types: Detailed list of specific transaction types covered by the authorization
2. Schedule B - Fee Schedule: List of applicable fees and charges related to the authorized services
3. Appendix 1 - Required Documents: Checklist of supporting documents required for verification
4. Appendix 2 - Terms and Conditions: Standard terms and conditions applicable to the authorization
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Corporate Services
Retail
Manufacturing
Import/Export
Professional Services
Healthcare
Education
Real Estate
Construction
Technology
Telecommunications
Relevant Teams
Legal
Compliance
Finance
Operations
Risk Management
Customer Service
Corporate Banking
Retail Banking
Documentation
Treasury
Relevant Roles
Banking Officer
Relationship Manager
Compliance Officer
Legal Counsel
Corporate Secretary
Finance Manager
Account Manager
Treasury Manager
Operations Manager
Risk Officer
Branch Manager
Documentation Specialist
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