Document background
An Authorization Letter For Bank To Transfer Money is a critical financial document used in the Netherlands when an account holder needs to formally authorize their bank to execute a specific money transfer. This document is particularly relevant when standard transfer methods (like online banking or in-person requests) are not suitable or when additional authorization documentation is required. It must comply with Dutch banking regulations, including the Financial Supervision Act (Wft) and EU Payment Services Directive 2 (PSD2). The letter typically includes detailed information about the account holder, recipient, transfer amount, and execution instructions. It's commonly used for large transfers, corporate transactions, or situations requiring explicit written authorization. The document ensures compliance with Dutch anti-money laundering regulations and GDPR requirements while providing both the bank and account holder with clear documentation of the transfer authorization.
