Just sharing my recent experience trying to open a CIMB SG account.

I already have a CIMB MY account and applied for CIMB SG on 13 August. The form filling was easy and the account was created on the same day. I transferred SGD1k from my DBS SG via Ifast and also applied to link my CIMB MY account and CIMB SG account.

Accounts were linked on 16 August and I transferred SGD5 from CIMB MY to CIMB SG.

Note that my account had been created but not approved.

On 16 August I received an email from CIMB SG asking for my bank statement showing proof of salary crediting. I provided this and also reiterated that I am an existing CIMB MY and DBS SG account holder and had made transfers in via both accounts.The email also asked my intended purpose for opening the account. I responded saying I wanted to open the account for investment, depositing SGD and spending for personal use during visits to Singaporean.

8 days passed without any response.

On 24 August I sent a follow up.

On 29 August I received an email asking for proof of investment in SG. I responded saying that I already told them that my intention is for investment (such as FD deposit in SGD) and how can I prove my future intention when the account is not even opened?

Very frustrated at how long and nonsensical this process has been. I'm really regretting opening this account and now have SGD1005 stuck there, and a very slow and inefficient account opening team. I just hope they will give me my money back if they disallow my account opening.

Next time don't tell people you want to use an account for "investment". CIMB is notoriously sensitive to the word "investment"; my CIMB MY (Basic Saving) account application was rejected at one of the branches in Butterworth, Penang because I told the officers I plan to use it to fund my SG investments. Straightaway officers' face turn pale.

I drove to another branch later and never utter the word "investment" anymore.

Despite all the fuss, CIMB SG (together with Citibank) are named in the 1-bllion SGD money laundering case in Singapore. https://www.businesstimes.com.sg/companies-...laundering-raid

DBS and Bank of Singapore (private bank branch of OCBC) are also implicated in the case. https://www.businesstimes.com.sg/companies-...singapore-firms

The accounts will surely be frozen for investigation for now.

As for closure, my computer engineering prof (who stays in JB, likely a Malaysian) says that most likely the assets will be confiscated and thus belong to SG government as they may not be able to trace the source.