Document background
The Letter of Termination of Account is a crucial document used in Singapore's financial sector when ending a banking relationship. It serves as official documentation of account closure, whether initiated by the institution or the account holder. The document must comply with Singapore's Banking Act, MAS guidelines, and PDPA requirements, particularly regarding notice periods and data protection. It typically includes account details, termination date, outstanding obligations, and required actions. This letter is essential for maintaining clear records and ensuring proper closure procedures are followed in accordance with Singapore's regulatory framework.
