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ACH Payment Form for Singapore

ACH Payment Form Template for Singapore

An ACH Payment Form is a legal document used in Singapore that authorizes automatic electronic fund transfers between bank accounts. It operates under Singapore's Payment Services Act 2019 and is regulated by the Monetary Authority of Singapore (MAS). This form establishes the terms and conditions for recurring or one-time electronic payments, ensuring compliance with local banking regulations, data protection laws, and anti-money laundering requirements.

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What is a ACH Payment Form?

The ACH Payment Form is a critical document used in Singapore for establishing automated payment arrangements between parties. It facilitates secure, electronic fund transfers in compliance with Singapore's banking regulations and the Payment Services Act 2019. This form is essential when setting up recurring payments, direct debits, or automated credits, containing necessary account details, payment specifications, and authorization terms. The document ensures proper documentation for audit purposes and provides a legal framework for electronic payment relationships between parties.

What sections should be included in a ACH Payment Form?

1. Account Holder Information: Details of the account holder including name, address, contact information

2. Bank Account Details: Banking information including account number, bank name, branch code

3. Authorization: Express authorization for ACH debits/credits and agreement to terms

4. Transaction Details: Specification of payment amount, frequency, and purpose

5. Data Protection Notice: PDPA compliance statement and consent for data processing

What sections are optional to include in a ACH Payment Form?

1. Multiple Account Authorization: Used when authorizing transfers between multiple accounts

2. International Transfer Terms: Required for cross-border transactions

3. Variable Amount Authorization: Used when payment amounts may vary

What schedules should be included in a ACH Payment Form?

1. Fee Schedule: Details of any applicable transaction fees

2. Terms and Conditions: Detailed terms governing the ACH payment arrangement

3. Supporting Documentation: Copy of identification documents or business registration (if applicable)

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Singapore

Document Type

Authorization Form

Cost

Free to use
Relevant legal definitions





























Clauses

























Industries

Payment Services Act 2019: Primary legislation governing payment systems and payment service providers in Singapore. Regulates electronic payment transfers and services, and ensures compliance with anti-money laundering requirements.

Banking Act (Chapter 19): Regulates banking business and operations in Singapore, including provisions related to electronic funds transfers.

Personal Data Protection Act 2012: Governs the collection, use, and disclosure of personal data. Ensures proper handling of customer banking information and requires consent for data collection and processing.

MAS Guidelines: Regulatory guidelines issued by the Monetary Authority of Singapore covering Payment Services Regulations, E-Payments User Protection Guidelines, and Technology Risk Management Guidelines.

Electronic Transactions Act: Provides legal recognition of electronic transactions and regulates electronic signatures and records in Singapore.

AML/CFT Requirements: Anti-Money Laundering and Countering the Financing of Terrorism requirements including Know Your Customer (KYC) requirements and transaction monitoring obligations.

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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