A Bank Remittance Letter is a crucial financial document used in Singapore's banking sector when parties need to transfer funds domestically or internationally. This document serves as both an instruction to the bank and a formal record of the transaction, incorporating all details required by the Monetary Authority of Singapore (MAS) and relevant anti-money laundering regulations. The letter includes comprehensive information about the remitter, beneficiary, transaction details, and purpose of payment, ensuring compliance with Singapore's strict financial regulations while facilitating smooth fund transfers.
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Key Requirements PROMPT example:
Bank Remittance Letter
"I need a Bank Remittance Letter to transfer USD 500,000 from our Singapore subsidiary to our US headquarters for quarterly dividend payment, with specific requirements for intermediary bank routing and compliance documentation."
1. Sender Details: Full name, address, contact information and account details of the remitting party
2. Beneficiary Details: Full name, address, contact information and account details of the receiving party
3. Transaction Details: Amount, currency, purpose of remittance, and value date of the transfer
4. Bank Details: Both sending and receiving bank information including SWIFT/BIC codes, branch details and routing information
5. Authorization Statement: Explicit authorization for the transaction including declarations and signature
1. Intermediary Bank Details: Details of any correspondent or intermediary banks required for international transfers
2. Special Instructions: Any specific handling instructions or requirements for the transfer
3. Exchange Rate Details: Specified exchange rate information for cross-currency transfers
1. KYC Documentation: Required identity verification documents as per AML regulations
2. Supporting Documents: Relevant invoices, contracts, or other documents justifying the remittance
3. Regulatory Declaration Forms: Required declarations for compliance with local banking and remittance regulations
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