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165 results · 2026
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Reviewing Cases Where Individuals Are Denied Basic Banking Services by Multiple Financial Institutions
Speakers: Gan Kim Yong, Victor Lye
Mr Victor Lye asked the Prime Minister and Minister for Finance (a) whether the Government will consider a mechanism to independently review cases where an individual is denied basic banking services by multiple financial institutions; and (b) if not, how an individual who is not legally prohibited from operating a bank account can regain access to essential payment services.
Mr Gan Kim Yong (for the Prime Minister): My response will cover the question raised by Mr Victor Lye in today's Order Paper, as well as the question filed by him for a subsequent Sitting. [Please refer to "Ensuring Access to Basic Banking Services by Persons Excluded Due To Credit Rating, Income Status or Other Non-criminal Reason", Official Report, 4 November 2026, Vol 96, Issue 41, Written Answers to Questions for Oral Answer not Answered by End of Question Time section.]
We agree that access to basic banking services is important for daily living. Banks will not lightly deny access to a banking account. A bank will close or decline an application for an account only after carefully assessing the risk of abuse of the bank account. Such cases usually involve a serious criminal conviction or investigation, or strong suspicion of involvement in scams, fraud or money laundering and terrorism financing offences. If an individual has been declined a bank account, he or she can request the bank to open a limited purpose bank account (LPBA). These are accounts with more limited features, designed to reduce the risk of their abuse for illicit activities.
The local banks will offer a LPBA to every Singaporean or Permanent Resident whose existing account is closed or application for a new account is rejected, except in very limited situations. For example, recalcitrant individuals who have repeatedly allowed their bank accounts to be misused for illicit activities or those who do not cooperate with needed checks by the banks.
With LPBAs, individuals will have access to essential payment services. Banks will subject these accounts to safeguards, such as enhanced transaction monitoring, to mitigate the risk of the accounts being used for illicit purposes.