Singapore banks to offer basic accounts to most citizens and permanent residents denied regular services

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Local Singapore banks will offer Limited Purpose Bank Accounts (LPBAs) to most Singapore citizens and permanent residents denied regular banking services, an arrangement outlined by MAS in a written parliamentary reply. LPBAs can provide basic payment services but have fewer features than ordinary bank accounts, with measures such as enhanced transaction monitoring to prevent abuse; those who repeatedly allow their accounts to be used for illegal activities or refuse to cooperate with necessary bank checks may be unable to obtain such accounts.