Document background
The Account Termination Letter is essential in Singapore's highly regulated financial sector for properly documenting the closure of financial accounts. It is used when either the financial institution or the account holder initiates account closure, whether due to business decisions, regulatory requirements, or customer request. The document must adhere to Singapore's strict banking regulations, including MAS guidelines and the Personal Data Protection Act. This letter typically includes critical information such as account details, closure timeline, remaining balance handling, and required actions from both parties. It serves as both a legal record and a practical guide for the account closure process.
