Business Account Fitness Guide

• Use your business account strictly for transactions related to legitimated business activities.
• Keep your business and personal finances separate to avoid any commingling of funds.
• Do not use your business account for personal entertainment expenses or household bills.

• Regularly review and maintain proper records for all incoming, transfer, and outgoing payment.
• Keep all supporting documentations for every account transaction, including business receipts, contracts, and bills of lading.

• Make good use of your bank’s digital payment platform or licensed remittance services for transactions such as remittances and bank transfers. This makes it easier to track payments and identify the source and destination of funds.
• Avoid using unlicensed remittance agents.

• Understand your buyers, suppliers, customers, and service providers, as well as the countries and regions in which they operate.
• Before any transaction, always verify whether your business partners are subject to sanctions risks to avoid high-risk transactions.

Avoid handling transactions on behalf of others using the company account

• Only conduct transactions related to your business.
• Do not receive payments or make payments on behalf of others. Avoid handling funds or assets that are unrelated to your business operations.
• Train your employees on the proper use of the business account to prevent misuse.

Timely respond to your bank’s enquiries and provide the requested information

• To help detect and prevent fraudulent transactions, we may contact you to verify unusual account activity.
• Regularly check emails and answer calls from us.
• Maintain effective communication with us to ensure account security.

Inform your bank of changes to your business operations and structure

• Notify the bank promptly if your company undergoes changes in organisational structure, business nature, or expands into new markets or customer segments.
• Update any changes in directors, shareholders, contact details or business operations promptly to protect your account security.
• Proactively informing us of changes to your business allows us to provide you with more relevant services and better understand any shifts in your account activity, helping to prevent unnecessary service delays or limitations.