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Bank Trust Account Agreement

Bank Trust Account Agreement Template for Singapore

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Key Requirements PROMPT example:

Bank Trust Account Agreement

"Need a Bank Trust Account Agreement for a Singapore property investment trust where multiple overseas beneficiaries will receive quarterly distributions, with the account to be established by March 2025."

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Document background
The Bank Trust Account Agreement serves as the foundational document for establishing and managing trust accounts within Singapore's highly regulated banking sector. This agreement is essential when parties need to create a trust structure for various purposes, including asset protection, estate planning, or business arrangements. It must comply with Singapore's comprehensive regulatory framework, including the Trust Companies Act, Banking Act, and MAS guidelines. The agreement typically outlines detailed provisions for account operation, trustee duties, investment parameters, fee structures, and reporting requirements, ensuring all parties understand their rights and obligations within the trust relationship.
Suggested Sections

1. Parties: Identification of the bank, trustee, and beneficiary

2. Background: Context and purpose of the trust account arrangement

3. Definitions: Key terms used throughout the agreement

4. Appointment of Trustee: Terms of appointment and acceptance

5. Trust Account Details: Specifics of the trust account structure and operation

6. Duties and Powers of Trustee: Detailed obligations and authority of the trustee

7. Fees and Expenses: Payment terms for trustee services

8. Termination: Conditions and process for ending the agreement

Optional Sections

1. Investment Powers: Required if trust funds can be invested - Used when trust account includes investment management services

2. Foreign Currency Provisions: Rules for handling multiple currencies - Used when trust account involves foreign currency transactions

3. Digital Services: Terms for online banking and digital access - Used when digital banking services are provided

Suggested Schedules

1. Fee Schedule: Detailed breakdown of all applicable fees and charges

2. Authorized Signatories: List of persons authorized to operate the account

3. KYC Documentation Requirements: Required customer due diligence documents

4. Operating Procedures: Detailed procedures for account operation and management

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

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alex.den.21@genieai.co
Relevant legal definitions
Account Administrator
Applicable Laws
Authorized Persons
Authorized Signatories
Bank
Banking Day
Beneficiary
Business Day
Confidential Information
Custodian
Effective Date
Electronic Instructions
Fees
Force Majeure Event
Governing Law
Instructions
Investment Guidelines
MAS
Parties
Personal Data
Relevant Regulations
Security Procedures
Services
Singapore Dollar
Trust
Trust Account
Trust Assets
Trust Deed
Trust Documents
Trust Fund
Trust Property
Trustee
Trustee Powers
Valid Instructions
Clauses
Appointment of Trustee
Authority and Powers
Bank's Duties and Responsibilities
Beneficiary Rights
Compliance
Confidentiality
Conflicts of Interest
Data Protection
Dispute Resolution
Electronic Banking
Fees and Expenses
Force Majeure
Governing Law
Indemnification
Investment Powers
Liability Limitations
Notice Requirements
Record Keeping
Regulatory Compliance
Representations and Warranties
Resignation and Removal
Segregation of Assets
Statements and Reporting
Succession
Tax Matters
Term and Termination
Trust Account Operation
Trust Property Management
Variation and Amendment
Industries

Trust Companies Act (Chapter 336): Primary legislation that regulates trust companies and their operations in Singapore, including licensing requirements and operational obligations for trust businesses

Banking Act (Chapter 19): Core banking legislation in Singapore that governs banking operations and services, including provisions relevant to the management and operation of trust accounts

Securities and Futures Act (Chapter 289): Legislation governing securities and investment matters, including provisions about client money and assets in trust arrangements

MAS Guidelines: Regulatory guidelines issued by the Monetary Authority of Singapore, including Fair Dealing, Technology Risk Management, and AML/CFT requirements for financial institutions

Trust Companies Regulations: Subsidiary legislation containing specific requirements for trust account operations and compliance obligations in Singapore

Personal Data Protection Act 2012: Legislation governing data privacy requirements, including consent and disclosure obligations for personal data handling in trust arrangements

Common Law Principles of Trust: Fundamental legal principles governing trusts, including fiduciary duties and trustee obligations under Singapore's common law system

Anti-Money Laundering and Countering the Financing of Terrorism Act 2013: Legislation establishing customer due diligence requirements and reporting obligations for financial institutions handling trust accounts

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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