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Authorized Signatory Letter To Bank for Singapore

Authorized Signatory Letter To Bank Template for Singapore

A formal letter issued to a bank in Singapore, designating specific individuals who are authorized to conduct banking transactions on behalf of an organization. The document complies with Singapore's Banking Act and MAS regulations, incorporating necessary corporate authorizations under the Companies Act. It specifies the scope of authority, transaction limits if any, and includes specimen signatures of authorized individuals.

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Authorized Signatory Letter To Bank

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What is a Authorized Signatory Letter To Bank?

An Authorized Signatory Letter to Bank is a crucial document required when companies need to establish or modify banking authority arrangements in Singapore. It serves as official communication to the bank, identifying individuals authorized to operate bank accounts, execute transactions, and sign banking documents. The letter must comply with Singapore's banking regulations, including MAS guidelines and the Banking Act. It typically follows specific bank formats and requires supporting documentation such as board resolutions and identification documents.

What sections should be included in a Authorized Signatory Letter To Bank?

1. Bank Details: Full name and address of the bank branch

2. Company Information: Company name, registration number, and registered address

3. Account Details: Specific account numbers affected by the authorization

4. Authorization Statement: Clear statement of authorization being granted

5. Signatory Details: Names, positions, and specimen signatures of authorized persons

What sections are optional to include in a Authorized Signatory Letter To Bank?

1. Transaction Limits: Specific monetary limits for transactions, used when different signatories have different authority levels

2. Special Instructions: Any specific signing requirements or combinations, used when implementing dual-signature policies

3. Term of Authority: Duration of authorization if not indefinite, used for temporary arrangements

What schedules should be included in a Authorized Signatory Letter To Bank?

1. Board Resolution: Copy of board resolution authorizing the signatories

2. ID Documents: Copies of identification documents for authorized signatories

3. Specimen Signature Card: Bank's standard specimen signature card with original signatures

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

Jurisdiction

Singapore

Publisher

Ƶ

Sector

Banking

Cost

Free to use
Relevant legal definitions












Clauses













Industries

Banking Act (Chapter 19): Primary legislation governing banking operations and relationships with customers in Singapore, including requirements for account operation and authorized signatories

Companies Act (Chapter 50): Key legislation covering corporate authorization requirements, directors' powers, delegation authority, and corporate signature requirements for Singapore companies

MAS Guidelines: Regulatory framework by Monetary Authority of Singapore covering KYC requirements, AML/CFT regulations, and banking security and verification procedures

Electronic Transactions Act (Chapter 88): Legislation governing the use and legal recognition of electronic signatures and electronic documents in Singapore

Personal Data Protection Act 2012: Law regulating the collection, use, and disclosure of personal data, including requirements for handling personal information of authorized signatories

Bank-Specific Requirements: Individual bank's forms, procedures, and specific requirements for authorized signatory documentation

Corporate Constitution Requirements: Company's articles of association and internal governance requirements for authorizing signatories

Board Resolution Requirements: Corporate governance requirements for board approval and resolution documentation for authorized signatories

Power of Attorney Regulations: Legal requirements governing the delegation of signing authority through power of attorney arrangements in Singapore

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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