Bank Authorisation Form

Bank Authorisation Form for the United Kingdom

Bank Authorisation Form Template for England and Wales

A Bank Authorisation Form is a legally binding document used in England and Wales that establishes the relationship between a bank and its customer, defining who has authority to operate bank accounts and in what capacity. It includes detailed information about account holders, authorized signatories, and the scope of their banking powers, while ensuring compliance with UK banking regulations, anti-money laundering requirements, and data protection laws.

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What is a Bank Authorisation Form?

The Bank Authorisation Form is a fundamental document in the English and Welsh banking system, used to establish and maintain banking relationships between financial institutions and their customers. This document is essential when opening new accounts, changing authorized signatories, or updating banking mandates. It includes crucial information about account holders and authorized persons, their powers and limitations, and ensures compliance with UK banking regulations, including anti-money laundering and know-your-customer requirements. The form serves as a protective measure for both the bank and the account holder by clearly defining who can access and operate accounts.

What sections should be included in a Bank Authorisation Form?

1. Account Holder Details: Full legal name, address, contact information, and tax identification details of the account holder

2. Authorised Signatories: Names, positions, and specimen signatures of individuals authorized to operate the account

3. Authority Scope: Detailed specification of powers granted to authorized individuals including transaction limits and permitted activities

4. Bank Mandate: Specific instructions regarding account operation, signing rules, and transaction authorization levels

5. Declaration and Confirmation: Confirmation of information accuracy, acceptance of bank terms, and agreement to notify changes

What sections are optional to include in a Bank Authorisation Form?

1. Digital Banking Access: Authorization details for online banking access including administrator rights and user permissions

2. Additional Services: Authorization for specific banking products or services such as credit facilities or merchant services

3. International Services: Authorization for foreign currency accounts and international banking services

What schedules should be included in a Bank Authorisation Form?

1. Schedule 1 - Specimen Signatures: Physical signatures and identification details of all authorized signatories

2. Schedule 2 - Required Documentation: List of supporting documents including identification proof, address verification, and corporate documents

3. Schedule 3 - Corporate Resolution: For corporate accounts, board resolution or equivalent authorizing the account operation and nominated individuals

4. Schedule 4 - Terms and Conditions: Standard bank terms and conditions applicable to the account and services requested

Authors

Alex Denne

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

Cost

Free to use

Relevant legal definitions

Clauses

Relevant Industries

Banking
Financial Services
Corporate Services
Retail Banking

Relevant Teams

Finance
Compliance
Legal
Treasury
Operations

Relevant Roles

Bank Manager
Compliance Officer
Financial Controller
Company Secretary
Treasury Manager

Industries

Financial Services and Markets Act 2000: Primary legislation governing financial services regulation in the UK, establishing regulatory framework and authority of financial regulators

Banking Act 2009: Key legislation establishing the legal framework for banking services and regulation in the UK

Data Protection Act 2018: UK's implementation of data protection standards, working alongside UK GDPR to regulate handling of personal data

UK General Data Protection Regulation: Post-Brexit adaptation of EU GDPR, setting standards for personal data processing and protection in the UK

Electronic Communications Act 2000: Legislation governing electronic signatures and communications in legal documents

Proceeds of Crime Act 2002: Legislation dealing with money laundering and proceeds of crime, crucial for bank account operations

Money Laundering Regulations 2017: Specific regulations detailing anti-money laundering requirements for financial institutions

FCA Regulations: Financial Conduct Authority's regulatory requirements for financial institutions and consumer protection

PRA Requirements: Prudential Regulation Authority's requirements focusing on banks' safety and soundness

Payment Services Regulations 2017: Regulations governing payment services, including bank transfers and payment authorizations

Consumer Rights Act 2015: Legislation protecting consumer rights in financial services, relevant for retail banking customers

Equality Act 2010: Legislation ensuring non-discriminatory practices in provision of banking services

AML Requirements: Anti-Money Laundering requirements that banks must follow in their operations and customer verification

KYC Requirements: Know Your Customer requirements for customer identity verification and due diligence

CTF Regulations: Counter-Terrorist Financing regulations that banks must comply with in their operations

Contract Law Principles: Common law principles governing formation and execution of contracts in England and Wales

Agency Law Principles: Common law principles governing relationships where one party acts on behalf of another

Banking Law Precedents: Established case law and precedents specific to banking operations and relationships

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What is a Bank Authorisation Form?

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What sections are optional to include in a Bank Authorisation Form?

What schedules should be included in a Bank Authorisation Form?

Authors

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