In a parliamentary response published on November 3, the Monetary Authority of Singapore (MAS) stated that Singapore citizens and permanent residents whose existing bank accounts have been closed or new account applications rejected can apply to local banks for a Limited Purpose Bank Account (LPBA) to access essential payment services. Such accounts have restricted functionalities and are subject to enhanced transaction monitoring. Exceptions are rare, such as repeatedly allowing accounts to be used for illicit activities or non-cooperation with necessary bank checks. MAS stated that banks carefully assess the risk of account misuse before closing or rejecting an account.