Regulations for setting up a bank account

Know Your Customer (KYC) Conducted by the Bank for opening a bank account
KYC information comprises the facts about customers, the bank needs to collate such information to assess on whether they wants to accept this client for account opening.

These facts enable the bank to assess company’s risks on include money laundering and terrorist financing.

Common questions on “Know their customers’ KYC list are as followings:

• Source of the funds that will be inject to the subsidiary;
• What type of business industry it is operating in;
• Who and where the type of clients the subsidiary will be engaging with;
• What the estimated sales and expenses locally and overseas per month;
• Where and who is the decision maker of the subsidiary, will be a local or overseas locations?
• Do the subsidiary have local staffs and working premises.
• Know Your Customer (KYC) Conducted by ACRA Corporate Service provider (CSP)

Know Your Customer (KYC) Conducted by ACRA Corporate Service provider (CSP)
Since 2016, ACRA has implemented the rule that all Corporate Service Providers need to conduct KYC on new clients as part of the Anti Money laundering Act. Therefore, every director and shareholder of the subsidiary and Holding company will be subjected to the KYC process. Below infographics provide some information: