Maintaining a Singapore business account means staying compliant with KYC and anti-money laundering (AML) regulations.
Banks conduct regular reviews to ensure account activity matches your declared business scope.
Avoid common red flags:
- Inconsistent fund flows
- Payments to blacklisted countries
- Lack of invoices for large transfers Always keep documentation like contracts, invoices, and source of funds ready. Failure to comply may lead to account freezing or closure. To maintain credibility, maintain clean bookkeeping and update bank KYC records annually or as requested.
About the Author
Helen Lili – Editor, Research Lead
Helen leads tariff analysis and product change tracking. She maintains the normalized dataset that powers our comparison tables and ensures each claim links back to a dated primary source.
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Disclaimer:The BankOpen Singapore Editorial Team consists of financial analysts, banking industry professionals, and experienced writers. We are dedicated to providing accurate, up-to-date, and practical insights to help readers navigate Singapore’s banking landscape and make informed financial decisions. The information provided in this article is for general informational purposes only and does not constitute financial, investment, or legal advice. Always consult with a qualified professional before making any banking or investment decisions.