Document background
The Authorization Letter for Receiving Money serves as a crucial legal instrument in Singapore's financial ecosystem, enabling secure and authorized monetary transactions between parties. This document is commonly used when an individual or entity cannot personally collect funds and needs to delegate this authority to another party. It must adhere to Singapore's stringent financial regulations, including the Banking Act and AML requirements. The letter typically specifies the authorized amount, validity period, and includes necessary identification details of all parties involved. It's particularly important for maintaining clear audit trails and ensuring compliance with Singapore's financial governance framework.
