Ravi Menon, Chairman of the Monetary Authority of Singapore (MAS) and Minister for Trade and Industry, stated in a written response to a parliamentary question that MAS has not received feedback from banks requiring businesses to have a physical commercial office when applying for a bank account. He noted that customers using virtual or residential addresses are also able to obtain corporate bank accounts. Banks conduct customer due diligence during account opening to assess risks and ensure that customers have genuine business operations and that accounts are not used as tools for money laundering. In this process, banks may request additional information or supporting documents from customers using residential or virtual office addresses to prove that they are engaged in legitimate business activities. However, this is a risk-based assessment and not a mandatory requirement for a commercial office address.