In the current environment of heightened regulatory scrutiny, opening a corporate bank account is no longer a trivial task, and has become challenging all over the world. Getting a bank account opened for a company with a blockchain-based business model can be a particularly daunting task if the respective business involves cryptocurrency and payment services.
All banks in Singapore are expected to establish suitable procedures and controls, including those governing customer transactions and relationships, and to comply with customer due diligence requirements laid down by the Monetary Authority of Singapore (MAS) on preventing money laundering and the financing of terrorism.
Crypto-based business models face particular scrutiny by banks, as they are sometimes viewed as Payment Services Providers (PSP).
As a specialist law firm and corporate services provider with an exclusive focus on blockchain/cryptocurrency and ICO/STO projects, we have strong relationships with leading banks in Singapore and other AAA-rated jurisdictions. This, as well as our understanding of bank internal policies and procedures in connection with blockchain buinesses, makes us well-placed to assist clients with the establishing of their corporate setup.