Pre-engagement documents and due diligence checklist, section by section

The pre-engagement documents and due diligence checklist sets out the facts and supporting documents a family should have ready before formally starting work with banks, insurers, lawyers, trust companies and other professionals. Its purpose is to make every party work from the same set of facts: one asset list, one position on tax residence and one account of source of wealth. The checklist is organised as general documents plus the six sections, and each section ends with three questions to put to professionals. Specific document requirements follow each institution's latest list; only common items are shown below.

General documents: needed for every section

Whichever section you start with, the following documents will almost always be requested. It helps to prepare two sets, scanned copies and certified true copies, and to note each document's expiry date.

On source of wealth evidence: MAS Notice 626 requires banks to establish the source of wealth and source of funds of higher-risk customers such as politically exposed persons (and their family members and close associates), with senior management approval for establishing the relationship. The guidelines list acceptable evidence including trust deeds, salary records, tax assessments, bank statements and audited financial statements of controlled entities (refer to MAS's current version). Even for customers who are not higher risk, institutions commonly ask for a verifiable explanation.

Politically exposed person (PEP) declaration: if you, a family member or a close associate hold or have held a prominent public function, declare it truthfully; the institution will carry out enhanced due diligence.

Insurance solutions and premium financing

Three questions to ask professionals 1. What are the guaranteed and non-guaranteed parts of this policy? If the illustrated rate changes, will additional premiums be needed? 2. If the policy is used for premium financing, what happens to the existing nomination once the policy is assigned? How are beneficiary arrangements restored after the loan is repaid? 3. If interest rates rise or the cash value falls, what triggers a margin call and how long is given to meet it?

See the insurance solutions section and premium financing.

Private banking and wealth management

Three questions to ask professionals 1. How are all account fees (custody, transaction, management, lending spread) calculated? Is there a minimum asset requirement? 2. Which of the recommended products are issued by the bank or a related party? 3. When borrowing against assets, what are the terms on loan-to-value, margin calls and forced liquidation?

See the private banking section and the wealth management section.

Family office

For 13O/13OA awards newly approved from 1 August 2026, assets under management in designated investments must be at least S$20 million at application and at the end of each basis period; for 13U the figure is at least S$50 million (MAS FDD Cir 05/2026). The full conditions are in the family office section and on the sister site vccfund.sg.

Three questions to ask professionals 1. If we choose a 13O, 13U or VCC structure, what are the ongoing compliance obligations and annual costs of each? 2. What happens if the local spending, investment professional or capital deployment conditions are not met in a given year? 3. Does the fund management company fall under the SFO class exemption framework effective 15 June 2026, and what notifications and returns does it require?

Trusts and succession

A will must be signed in the presence of two witnesses aged 21 or above, who must not be beneficiaries or the spouses of beneficiaries (MoneySense).

Three questions to ask professionals 1. Which document (will, nomination or trust) governs each of my assets? Are there any conflicts? 2. How should the trustee, protector and Letter of Wishes be set up? What is the procedure for changing the trustee or terminating the trust? 3. Do overseas assets need separate local succession procedures or wills?

See the trusts and succession section.

Residency and tax

Reporting Singaporean Financial Institutions file CRS information with IRAS by 31 May each year; cash value policies are reportable, with no US$250,000 exemption threshold (IRAS).

Three questions to ask professionals 1. On the facts of my residence, in which jurisdictions could I be treated as tax resident? Is there a risk of dual residence? 2. To which jurisdictions will my Singapore accounts, policies and trusts be reported under the CRS? 3. When my income is remitted to Singapore, does it fall within any of the exceptions that are taxable?

See the residency and tax section. Tax outcomes depend on the jurisdiction concerned and the specific facts; obtain professional tax advice.

How to use this checklist

1. Start with the general documents: identity, address, tax residence, source of wealth and the balance sheet form the common base for every section; completing them first reduces repeated requests for documents.
2. Follow the order of the solution: generally confirm residence and tax facts first, then settle the holding structure and accounts, and finally put insurance and investments in place; the handover sequence is in the execution and handover process.
3. Stay consistent: the same facts should be declared the same way to different institutions; after any change (relocation, marriage, sale of assets), inform the institutions concerned promptly.
4. Verify who you are dealing with: confirm the other party's licence or registration before handing over documents; the method is in the professional team map.
5. Keep documents secure: submit documents containing personal data only through channels designated by the institution, and record who received them and for what purpose.

If you would like this interpreted for your own circumstances, you can register your needs through the contact details on this site.