Banking Act (Chapter 19): Primary legislation governing banking business in Singapore, including provisions for account closures and customer rights
MAS Notice 626: Monetary Authority of Singapore regulations on Prevention of Money Laundering and Countering the Financing of Terrorism, specifying requirements for proper account closure procedures and customer due diligence
Personal Data Protection Act 2012: Legislation governing the handling and retention of personal data during and after account closure process
AML/CFT Regulations: Anti-Money Laundering and Countering the Financing of Terrorism regulations requiring final checks and documentation for account closure
Financial Advisers Act (Chapter 110): Legislation relevant when closing accounts involving investment products
Consumer Protection (Fair Trading) Act: Act ensuring consumer rights and protections during the account closure process
Account Holder Identification: Requirement for clear identification of account holder in closure application
Account Details Documentation: Requirement to include complete account information in closure request
Fund Instructions: Requirement for clear instructions regarding the disposition of remaining funds
Outstanding Matters Settlement: Requirement for addressing and settling any pending transactions or obligations
Terms Acknowledgment: Requirement for customer acknowledgment of closure terms and conditions
Data Retention Notice: Requirement to inform customer about data retention policies post-closure
Customer Authorization: Requirement for proper customer authorization and signature for account closure
