Financial Declaration Form

Financial Declaration Form Template for Singapore

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Key Requirements PROMPT example:

"I need a Financial Declaration Form for a high-net-worth client based in Singapore who has multiple investment properties across Asia and business interests in tHRee countries, to be submitted to DBS Bank by March 2025."

Document background

The Financial Declaration Form is a crucial document in Singapore's financial regulatory framework, designed to ensure transparency and compliance with financial regulations. This form is typically required when opening significant financial accounts, applying for major financial products, or during regulatory reviews. The document encompasses detailed financial information including income sources, asset holdings, liabilities, and business interests, all structured to meet Singapore's strict financial disclosure requirements and MAS guidelines. It plays a vital role in maintaining financial integrity and preventing financial crimes.

Suggested Sections

1. Personal Information: Basic identification details including full name, NRIC/passport number, residential address, contact information, and occupation

2. Income Declaration: Comprehensive declaration of all income sources including salary, bonuses, dividends, rental income, and other revenue streams

3. Asset Declaration: Detailed listing of all assets including real estate, vehicles, investments, bank accounts, and valuable personal property

4. Liabilities Statement: Complete disclosure of all debts and financial obligations including mortgages, loans, credit card debts, and other liabilities

5. Declaration of Truth: Formal attestation confirming that all information provided is true, accurate and complete, with acknowledgment of legal consequences for false declarations

Optional Sections

1. Foreign Assets Declaration: Detailed disclosure of overseas assets, investments, and bank accounts required for individuals with international holdings

2. Business Interests: Declaration of company shareholdings, directorships, and other business interests for business owners or significant shareholders

3. Trust Declarations: Information about trust arrangements including settlor, trustee, and beneficiary details for those involved in trust structures

4. Dependent Information: Details of dependents and related financial obligations for individuals with family responsibilities

Suggested Schedules

1. Schedule A - Bank Statements: Copies of recent bank statements from all declared accounts, both local and overseas

2. Schedule B - Property Documentation: Property ownership documents and recent valuation reports for all declared real estate

3. Schedule C - Investment Portfolio: Detailed breakdown of investment holdings including stocks, bonds, unit trusts, and other financial instruments

4. Schedule D - Supporting Documents: Additional documentation including recent tax returns, CPF statements, and other relevant financial records

5. Schedule E - Company Information: Corporate documents and financial statements for declared business interests

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking
Investment Services
Insurance
Wealth Management
Corporate Services

Relevant Teams

Compliance
Legal
Risk Management
Operations
Client Services

Relevant Roles

Compliance Officer
Financial Advisor
Relationship Manager
Risk Manager
Private Banker

Industries

Securities and Futures Act (SFA): Core financial regulation governing securities, futures, and financial markets in Singapore. Essential for financial declarations involving investment products and securities.

Financial Advisers Act (FAA): Regulates financial advisory services and ensures proper disclosure requirements in financial documents and declarations.

Monetary Authority of Singapore Act: Establishes the framework for Singapore's financial regulatory system and MAS's supervisory powers over financial institutions.

Corruption, Drug Trafficking and Other Serious Crimes Act: Contains provisions for anti-money laundering requirements in financial declarations and reporting of suspicious transactions.

Terrorism (Suppression of Financing) Act: MaNDAtes requirements for preventing and detecting terrorist financing tHRough financial systems and declarations.

MAS Notice 626: Specifies AML/CFT requirements for banks, including customer due diligence and financial reporting obligations.

Personal Data Protection Act 2012: Governs the collection, use, and disclosure of personal data in financial declarations and forms.

PDPA Amendment Act 2020: Updates to personal data protection requirements, including new data portability and consent obligations.

Income Tax Act: Relevant for financial declarations involving income reporting and tax-related disclosures.

Goods and Services Tax Act: Applies to financial declarations involving GST reporting and business transactions.

Foreign Account Tax Compliance Act (FATCA): US law requiring foreign financial institutions to report on US account holders, affecting declaration requirements.

Common Reporting Standard (CRS): Global standard for automatic exchange of financial account information, impacting declaration requirements.

Companies Act: Primary legislation governing corporate entities, relevant for corporate financial declarations.

Business Registration Act: Regulates business registration and related financial reporting requirements.

Banking Act: Governs banking operations and related financial disclosure requirements in Singapore.

Insurance Act: Regulates insurance business and related financial declaration requirements.

Currency Act: Governs monetary and currency matters in financial declarations and transactions.

Electronic Transactions Act: Provides legal framework for electronic transactions and digital signatures in financial declarations.

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Authors

Alex Denne

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