The Payment Authorization Form is a crucial document used in Malaysian financial transactions to establish formal payment arrangements between parties. It is designed in accordance with Malaysian banking regulations, particularly the Financial Services Act 2013 and Bank Negara Malaysia guidelines. This document is essential when setting up automatic payments, recurring transactions, or authorizing specific payment instructions to financial institutions. The form typically includes comprehensive details about the account holder, payment recipient, payment terms, and associated conditions. It serves as both a legal record of payment authorization and a practical tool for financial institutions to execute payment instructions while ensuring compliance with local data protection laws and banking regulations. The document is particularly important in business-to-business transactions, regular service payments, and situations requiring formal payment arrangements in the Malaysian market.
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1. Form Title and Reference Number: Clear identification of the document as a Payment Authorization Form with a unique reference number
2. Account Holder Information: Details of the person/entity authorizing the payment, including full name, ID/registration number, and contact information
3. Bank Account Details: Account holder's bank information including bank name, account number, and branch details
4. Payment Authorization: Explicit authorization statement specifying the type of payment(s) being authorized
5. Payment Details: Specific information about the payment including amount, frequency, and purpose
6. Terms and Conditions: Standard terms governing the payment authorization including cancellation rights and responsibilities
7. Data Protection Notice: Statement on how personal data will be collected, used, and protected in compliance with PDPA 2010
8. Declaration: Statement confirming the accuracy of information provided and agreement to the terms
9. Signature Block: Space for signature, date, and witness details if required
1. Third Party Authorization: Additional section when payments are being authorized on behalf of another party
2. Multiple Account Authorization: Section for authorizing payments from multiple accounts
3. Digital Payment Channels: Specific terms for digital/electronic payment methods when applicable
4. International Transfer Details: Additional information required for international transfers including currency conversion terms
5. Standing Instruction Details: Specific terms for recurring payments or standing instructions
6. Joint Account Holders: Additional authorization details when the account has multiple holders
1. Schedule A - Payment Schedule: Detailed schedule of payment dates and amounts for recurring payments
2. Schedule B - Supporting Documents: List of required supporting documents attached to the authorization form
3. Appendix 1 - Terms Glossary: Definitions of technical terms and banking jargon used in the form
4. Appendix 2 - Fee Schedule: Breakdown of any applicable fees and charges related to the payment authorization
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Retail
E-commerce
Insurance
Telecommunications
Utilities
Education
Healthcare
Real Estate
Professional Services
Manufacturing
Logistics & Transportation
Relevant Teams
Finance
Legal
Compliance
Treasury
Accounts Payable
Accounts Receivable
Procurement
Corporate Secretarial
Risk Management
Operations
Relevant Roles
Finance Manager
Accounts Payable Manager
Treasury Manager
Financial Controller
Compliance Officer
Legal Counsel
Company Secretary
Banking Relationship Manager
Procurement Manager
Chief Financial Officer
Accounts Receivable Manager
Credit Controller
Payment Operations Manager
Finance Director
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