The Authorization Letter To Receive Money is a crucial document in Nigerian business and personal financial transactions where one party needs to delegate the authority to collect funds to another party. This document is commonly used when the original recipient of funds cannot personally collect them due to various circumstances such as travel, illness, or business commitments. The letter must comply with Nigerian banking regulations, including the Money Laundering (Prevention and Prohibition) Act 2022 and BOFIA 2020, and typically includes detailed information about both parties, specific transaction details, and the scope and duration of the authorization. It serves as a protective measure for all parties involved, including the financial institutions processing the transaction.
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1. Date and Place: Current date and location where the letter is being written
2. Recipient Details: Full name and address of the bank or institution to whom the authorization letter is addressed
3. Subject Line: Clear indication that this is an authorization letter to receive money
4. Authorizer Information: Full name, address, and identification details of the person giving the authorization
5. Authorized Person Details: Full name, address, and identification details of the person being authorized to receive the money
6. Transaction Details: Specific amount of money, account numbers, and any reference numbers related to the transaction
7. Authorization Statement: Clear and explicit statement of authorization granting permission to receive the money
8. Duration of Authority: Validity period of the authorization
9. Signature Block: Space for authorizer's signature, name, and date
1. Purpose of Authorization: Explanation of why the authorization is being granted, used when context is important for the transaction
2. Limitation of Authority: Any specific restrictions or conditions on the authorization, used when the authority needs to be restricted
3. Witness Details: Information and signature of witnesses, used when additional verification is required
4. Alternative Authorized Person: Details of an alternative person authorized to receive the money, used when a backup is needed
5. Revocation Clause: Terms under which the authorization can be revoked, used for longer-term authorizations
1. Copy of Identification Documents: Certified copies of valid ID documents for both authorizer and authorized person
2. Proof of Address: Recent utility bills or other accepted documents proving address of parties
3. Transaction Details Schedule: Detailed breakdown of transaction information if multiple transactions or complex arrangements are involved
4. Bank Account Details: Complete banking information schedule if multiple accounts are involved
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