Why this topic matters now

Following Singapore’s record money-laundering case, the Monetary Authority of Singapore (MAS) has tightened expectations and taken enforcement actions against multiple financial institutions. Banks are responding with deeper source-of-wealth checks, enhanced screening and stricter onboarding. That means more documents, more questions — and longer timelines unless you prepare properly.

The “bank-ready” KYC pack (prepare this before you apply)

  1. Company basics

    • ACRA biz profile, constitution, board resolution to open the account.

    • Clear business description: what you sell, to whom, where, and expected payment routes.

  2. People & ownership

    • IDs and recent address proofs for all directors and shareholders reaching the UBO (ultimate beneficial owner).

    • Simple ownership chart tracing to the individual UBO.

  3. Money trail

    • Source of funds for paid-up capital and initial deposits (contracts, invoices, bank advices).

    • If you’re funded by a parent/investor, include the group structure and funding letters.

  4. Commercial proof

    • Draft or signed contracts/POs, product sheets, website, and principal counterparties.

    • For traders: sample invoices, Incoterms, and logistics partners.

  5. Ongoing operations

    • Accounting system details (e.g., Xero/QuickBooks), registered address, and who handles bookkeeping and tax.

These items directly address what MAS requires banks to assess: identity, beneficial ownership, purpose and intended nature of the business, and legitimacy of funds.

How to avoid common delays

  • Don’t submit partial KYC (e.g., ID without address proof or an ownership chart that doesn’t reach the UBO).

  • Explain the business model in concrete terms (products/services, margins, geographies, counterparties).

  • Keep filings consistent: ACRA records, shareholder registers, and what you tell the bank must match — inconsistencies trigger reviews.

  • Be responsive: unanswered follow-ups stall onboarding; designate one person to coordinate replies.

For foreign-owned and remote businesses

Expect deeper checks on cross-border flows and proof of real activity in Singapore (premises/people/outsourced functions). Banks are aligning to MAS guidance on risk-based AML/CFT — if your story is “regional trading hub,” show purchase/sales legs, logistics, and counterparties.

How Excellence Singapore accelerates approval

  • Readiness review: we pre-audit your KYC pack to close gaps before submission.

  • Ownership & nominee documentation: clear UBO charts, nominee agreements, and board minutes that satisfy bank AML teams.

  • Source-of-funds narratives: tidy funding evidence and transaction rationales aligned to MAS expectations. 

  • Liaison & follow-through: coordinate responses with the relationship manager so queries are answered once — and properly.

  • Integrated compliance: incorporation, secretarial filings, accounting and tax — so your records stay consistent with what the bank sees.

Conclusion: Prepare once, open faster

In 2025–2026, bank onboarding in Singapore rewards companies that explain clearly, document thoroughly, and respond quickly. Do the work upfront and you’ll shorten timelines — and start operating sooner.

Contact us for a bank-ready KYC checklist and hands-on support with account opening.