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."

What is a Bank Trust Account Agreement?

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.

What sections should be included in a Bank Trust Account Agreement?

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

What sections are optional to include in a Bank Trust Account Agreement?

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

What schedules should be included in a Bank Trust Account Agreement?

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) @ tiktok��˰� | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking and Financial Services
Wealth Management
Corporate Services
Real Estate

Relevant Teams

Legal
Compliance
Trust Administration
Wealth Management
Operations
Risk Management

Relevant Roles

Trust Officer
Relationship Manager
Compliance Officer
Legal Counsel
Financial Advisor

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