The Account Close Application Letter is a crucial document required by Singapore-based financial institutions when customers wish to terminate their banking relationships. It serves multiple purposes: documenting the customer's explicit request for account closure, providing instructions for remaining funds, and ensuring compliance with regulatory requirements including AML/CFT regulations and the Personal Data Protection Act. This document is particularly important in Singapore's highly regulated banking environment, where proper documentation and clear audit trails are essential for both the financial institution and the customer.
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1. Account Holder Details: Full name, ID number, and contact information of the account holder
2. Account Information: Account number(s), type(s), and branch details to be closed
3. Closure Request: Formal statement requesting the closure of the specified account(s)
4. Fund Transfer Instructions: Detailed instructions for transferring any remaining balance
5. Declaration: Confirmation of account ownership and authorization for closure
1. Reason for Closure: Optional explanation for closing the account, required when mandated by bank policy
2. Linked Services Termination: Instructions for termination of associated services such as credit cards and standing orders
3. Additional Instructions: Special requests or specific conditions for account closure process
1. Identification Documents: Copy of valid identification documents or passport
2. Final Statement Request: Request form for obtaining final account statement
3. Banking Instruments: List of unused checks, cards, or other banking instruments to be returned
Relevant legal definitions
Account
Account Holder
Application Date
Authorized Representative
Bank
Banking Day
Branch of Account
Closure Date
Connected Accounts
Final Balance
Linked Services
Outstanding Obligations
Personal Data
Remaining Funds
Settlement Instructions
Termination Process
Transaction History
Transfer Instructions
Account Holder
Application Date
Authorized Representative
Bank
Banking Day
Branch of Account
Closure Date
Connected Accounts
Final Balance
Linked Services
Outstanding Obligations
Personal Data
Remaining Funds
Settlement Instructions
Termination Process
Transaction History
Transfer Instructions
Clauses
Account Identification
Closure Request
Authorization
Fund Transfer Instructions
Personal Data Handling
Outstanding Obligations
Service Termination
Settlement Terms
Document Return
Final Statement Request
Declaration and Confirmation
Indemnification
Acknowledgment
Linked Services Termination
Data Retention
Closure Request
Authorization
Fund Transfer Instructions
Personal Data Handling
Outstanding Obligations
Service Termination
Settlement Terms
Document Return
Final Statement Request
Declaration and Confirmation
Indemnification
Acknowledgment
Linked Services Termination
Data Retention
Relevant Industries
Relevant Teams
Relevant Roles
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