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Letter To Bank For Change In Authorised Signatory Template for Malaysia

A formal letter used in Malaysia to notify and request a bank to change the authorized signatory for a company's bank account(s). This document must comply with Malaysian banking regulations, particularly the Financial Services Act 2013 and relevant Bank Negara Malaysia guidelines. It includes detailed information about both the outgoing and incoming signatories, specific banking authorities to be granted or removed, and must be accompanied by supporting documentation such as board resolutions and identification documents. The letter serves as an official record of the requested change and forms part of the bank's compliance documentation.

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What is a Letter To Bank For Change In Authorised Signatory?

A Letter To Bank For Change In Authorised Signatory is a crucial document used when a company needs to update its banking mandate due to personnel changes, organizational restructuring, or other business requirements. In the Malaysian context, this document must align with the Financial Services Act 2013 and Bank Negara Malaysia guidelines, requiring proper verification and documentation to maintain security and regulatory compliance. The letter typically includes comprehensive details about the current and new signatories, account information, and the scope of authority being transferred or granted. It must be supported by appropriate corporate authorizations and forms an essential part of a company's banking records and governance documentation.

What sections should be included in a Letter To Bank For Change In Authorised Signatory?

1. Bank's Address and Date: Full name and address of the bank branch, including the date of the letter

2. Reference Line: Reference to relevant account numbers and any previous correspondence

3. Subject Line: Clear indication that this is a request for change in authorized signatory

4. Current Signatory Information: Details of the existing authorized signatory(ies) being replaced or removed

5. New Signatory Information: Complete details of the new authorized signatory(ies) including full name, position, NRIC/Passport number

6. Effective Date: Specified date from which the change should take effect

7. Authorization Confirmation: Confirmation that the change has been properly authorized by the company's board/management

8. Contact Information: Details for follow-up communications

9. Closing and Signatures: Professional closing, with signatures of appropriate company officers

What sections are optional to include in a Letter To Bank For Change In Authorised Signatory?

1. Multiple Account Details: Section listing all affected accounts when the change applies to multiple account numbers

2. Specific Powers and Limitations: Detailed description of specific powers granted to the new signatory (e.g., transaction limits, specific transaction types)

3. Reason for Change: Explanation of why the change is being made, if required by bank or if circumstances warrant explanation

4. Interim Arrangements: Details of any temporary arrangements needed during the transition period

5. Digital Banking Access: Instructions regarding online banking access and authorities for the new signatory

What schedules should be included in a Letter To Bank For Change In Authorised Signatory?

1. Board Resolution: Copy of the board resolution approving the change in authorized signatory

2. New Signatory ID Documents: Certified copies of NRIC/Passport and other identification documents of new signatory

3. Specimen Signature: New signatory's specimen signature card or form as required by the bank

4. Updated Company Documents: Recent company documents including Form 49, company profile from SSM if required

5. Signing Mandate: Updated signing mandate form provided by the bank, if applicable

Authors

Alex Denne

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

Jurisdiction

Malaysia

Publisher

Ƶ

Sector

Banking

Cost

Free to use

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