A Financial Authorization Letter is essential in Singapore's financial landscape where clear delegation of financial authority is required. This document enables individuals or organizations to authorize others to conduct financial transactions on their behalf, while adhering to Singapore's robust regulatory framework. The letter typically specifies the scope of authority, transaction limits, duration, and any specific conditions, ensuring compliance with MAS guidelines and the Banking Act. It's commonly used for business continuity, overseas operations, or when delegating financial responsibilities.
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1. Authorizer Details: Full legal name, identification number, address and contact details of the person/entity giving the authorization
2. Authorized Party Details: Full legal name, identification number, address and contact details of the person/entity receiving the authorization
3. Scope of Authorization: Detailed description of the specific financial powers being granted, including types of transactions and accounts covered
4. Duration of Authority: Clear specification of the time period for which the authorization is valid, including start and end dates
5. Execution Block: Formal signature section including date, signatures of authorizer and witness requirements
1. Transaction Limits: Specific monetary or transaction limits, used when authority needs to be restricted to certain thresholds
2. Reporting Requirements: Specific requirements for the authorized party to report actions taken under the authorization
3. Revocation Clause: Terms and conditions under which the authorization can be revoked or terminated
4. Compliance Statement: Reference to relevant laws and regulations being complied with, particularly AML/CFT requirements
1. Schedule A - Identity Documents: Certified copies of identification documents of both the authorizer and authorized party
2. Schedule B - Account Details: Comprehensive list of specific accounts and financial products covered by the authorization
3. Schedule C - Specimen Signatures: Verified specimen signatures of both parties for banking verification purposes
4. Schedule D - Required Forms: Any additional forms required by specific financial institutions or regulatory bodies
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