Bank Account Control Agreement Template for Singapore

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Key Requirements PROMPT example:

Bank Account Control Agreement

"Need a Bank Account Control Agreement for a project finance deal closing on March 15, 2025, where DBS Bank will act as account bank and multiple USD and SGD accounts need to be covered for our renewable energy project in Singapore."

What is a Bank Account Control Agreement?

The Bank Account Control Agreement is essential in secured financing transactions where bank accounts serve as collateral. This document, governed by Singapore law, establishes the rights and obligations of the account bank, secured party, and account holder. It typically arises in project finance, corporate lending, and structured finance transactions where lenders require control over cash flows. The agreement details operational procedures, control mechanisms, and compliance requirements under Singapore's regulatory framework, including MAS guidelines and the Banking Act.

What sections should be included in a Bank Account Control Agreement?

1. Parties: Identifies the account bank, secured party/lender, and account holder/borrower

2. Background: Sets out the context of the underlying credit facility and purpose of the control agreement

3. Definitions: Defines key terms used throughout the agreement, including Account, Control Event, Instructions, etc.

4. Account Control: Core provisions regarding control over the account and operating procedures

5. Rights and Obligations of the Bank: Details the bank's responsibilities, limitations, and protections

6. Security Interest: Provisions regarding the secured party's security interest in the account

7. Instructions and Notices: Procedures for giving instructions and notices regarding the account

What sections are optional to include in a Bank Account Control Agreement?

1. Electronic Banking: Provisions for electronic access and operations when electronic banking services are part of the arrangement

2. Foreign Currency Accounts: Specific provisions for non-SGD accounts when the controlled account includes foreign currency accounts

3. Multiple Account Provisions: Provisions for handling multiple accounts when agreement covers more than one account

What schedules should be included in a Bank Account Control Agreement?

1. Account Details Schedule: Lists all accounts covered by the agreement including account numbers and types

2. Authorized Signatories: List of persons authorized to give instructions on behalf of the parties

3. Notice Forms: Standard forms for various notices including Control Notices and Release Notices

4. Fee Schedule: Details of bank fees and charges for maintaining the control arrangement

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 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 and Financial Services
Corporate Finance
Project Finance
Real Estate

Relevant Teams

Finance
Treasury
Legal
Compliance
Operations

Relevant Roles

Chief Financial Officer
Treasury Manager
Finance Director
Relationship Manager
Credit Officer

Industries

Banking Act (Chapter 19): Primary legislation governing banking institutions and operations in Singapore, establishing regulatory framework for bank account control and management

Companies Act (Chapter 50): Key legislation for corporate entities, including requirements for registration of security interests and corporate governance matters

Personal Data Protection Act 2012: Legislation governing the collection, use, disclosure and care of personal data, crucial for information sharing provisions in BACAs

Securities and Futures Act (Chapter 289): Regulatory framework for securities and financial instruments, relevant for security interests and collateral arrangements

Insolvency, Restructuring and Dissolution Act 2018: Legislation governing insolvency proceedings and creditor rights, important for default scenarios and enforcement

MAS Guidelines: Regulatory guidelines issued by the Monetary Authority of Singapore governing banking operations and compliance requirements

MAS Notice 626: Specific guidelines on Prevention of Money Laundering and Countering the Financing of Terrorism that must be reflected in account control arrangements

MAS Notice 610: Requirements for submission of statistics and returns, affecting reporting obligations in banking relationships

SWIFT Guidelines: International standards for banking communications and operations that influence account control mechanisms

Basel Committee Requirements: International banking standards affecting capital adequacy and risk management in banking relationships

Security Interest Requirements: Legal framework for creation, perfection, and priority of security interests under Singapore law

Account Operating Procedures: Regulatory requirements for bank account operations, including signatory rights and electronic banking provisions

AML/KYC Requirements: Comprehensive anti-money laundering and know-your-customer requirements under Singapore banking regulations

Data Protection Framework: Requirements for information sharing, data privacy compliance, and cross-border data transfer under Singapore law

Enforcement Mechanisms: Legal framework for rights, remedies, and dispute resolution in case of default or breach under Singapore law

Find the exact document you need

Current Account Agreement

A Singapore-law governed agreement establishing terms for operating a current account between a bank and account holder.

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What is a Bank Account Control Agreement?

What sections should be included in a Bank Account Control Agreement?

What sections are optional to include in a Bank Account Control Agreement?

What schedules should be included in a Bank Account Control Agreement?

Authors

Alex Denne

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