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.