Document background
The Authority Letter for Bank Account Opening is essential in Singapore's banking system for delegating account operation rights. It's commonly used when account holders need to authorize others to manage their accounts, whether for personal or business purposes. The document must comply with Singapore's Banking Act, MAS regulations, and AML/CFT requirements. It typically includes detailed information about the account holder, authorized person(s), scope of authority, and any applicable restrictions or conditions. This formal authorization is particularly important in Singapore's highly regulated banking environment, where clear documentation of banking authorities is required.
