Download Letter To Add Signatory To Bank Account - Singapore

Letter To Add Signatory To Bank Account for Singapore

Letter To Add Signatory To Bank Account Template for Singapore

A formal letter addressed to a bank in Singapore requesting the addition of a new authorized signatory to an existing bank account. The document complies with Singapore banking regulations, including MAS requirements and AML/CFT guidelines. It contains necessary details about the account holder, the new signatory, and the extent of signing authority being granted, along with required supporting documentation for identity verification and authorization.

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What is a Letter To Add Signatory To Bank Account?

The Letter To Add Signatory To Bank Account is a crucial document used when an organization or individual needs to authorize additional persons to operate a bank account in Singapore. This document is particularly relevant when companies undergo management changes, require operational flexibility, or need to delegate financial authority. The letter must comply with Singapore's Banking Act, MAS regulations, and AML/CFT requirements. It typically includes detailed information about the account holder, the new signatory's credentials, and the scope of authority being granted. The document serves as a formal record of the authorization and forms part of the bank's compliance documentation.

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

1. Current Date: Date of the letter

2. Bank Details: Name and address of the bank branch

3. Account Information: Account number and type of account

4. Account Holder Details: Name and contact information of current account holder(s)

5. New Signatory Details: Full name, identification details, and contact information of the new signatory

6. Authorization Statement: Clear statement of intent to add the new signatory

7. Signing Rights: Specification of signing authority (sole/joint)

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

1. Corporate Resolution Reference: For corporate accounts, reference to board resolution authorizing the change

2. Specimen Signature: Space for new signatory's specimen signature

3. Effective Date: Specific date when the change should take effect

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

1. Identification Documents: Copies of new signatory's identification documents (passport/NRIC)

2. Board Resolution: For corporate accounts, certified copy of board resolution

3. Specimen Signature Form: Bank's standard form for recording specimen signatures

4. Verification Documents: Additional KYC documents as required by the bank

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

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Free to use

Relevant legal definitions

Clauses

Relevant Industries

Banking and Financial Services
Corporate Services
Small and Medium Enterprises
Non-Profit Organizations

Relevant Teams

Finance
Legal
Compliance
Treasury
Corporate Secretarial

Relevant Roles

Chief Financial Officer
Finance Director
Company Secretary
Finance Manager
Treasury Manager

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Resolution Letter For Bank Signing Authority

A formal Singapore corporate document that establishes who can operate company bank accounts and their respective authority levels.

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What is a Letter To Add Signatory To Bank Account?

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

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

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

Authors

Alex Denne

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