Qualification for Wholesale Client Status |
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(a) net assets of at least A$2.5 million, or |
(b) a gross income for each of the last two financial years of at least A$250,000 per year. |
For entities incorporated in Australia, DBS Bank Ltd may only offer certain products and services if the entity qualifies as a Wholesale Client or Professional Investor2 .
1We would like to inform you that where DBS Bank Ltd. (the “Bank”) provides financial services in Australia to wholesale clients, the Bank will be acting from its Head Office in Singapore (“DBS Bank Singapore”) which is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 of Australia.
DBS Bank Singapore is regulated by the Monetary Authority of Singapore under the laws of Singapore, which differ from Australian laws. DBS Bank Singapore holds a banking licence and is an Exempt Capital Market Service License holder as defined in the Securities & Futures Act (Chapter 289 of Singapore) and an Exempt Financial Adviser as defined in the Financial Advisers Act (Chapter 110 of Singapore).
2 Professional Investor is defined in Section 9 of the Corporations Act as a person who has or controls gross assets of at least AUD$10m (including any assets held by an associate or under a trust that the person manages. For assessment of professional investor, Company will be required to provide proof of assets.
(a) net assets of at least A$2.5million or
(b) a gross income for each of the last two financial years of at least A$250,000 per year.
The certificate is valid for two years from the date of the certification.
Without the Wholesale Client Certification, there will be limitations on our ability to offer you certain products and services including but not limited to the following:
Our Bank records show that your residential address is an Australian address. If you are no longer residing in Australia, you may wish to update your residential address with us (which may differ from your mailing address) as follows:
With effect from 6 February 2023, limitations (see table) have been imposed on the following banking services and investment offerings that DBS avails to any client without a valid Wholesale Client Certification, and whose registered residential address is an Australian address. Only DBS Private Bank clients (PB) and Treasures Private Clients (TPC) with a valid Wholesale Client Certification are not affected by these limitations. All DBS Treasures and DBS Personal Banking clients with an Australian residential address with us are subject to the limitations.
No. | Banking Services / Investment Offerings | Limitations |
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1 | Deposits |
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2 | Investments |
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3 | Singapore Government Schemes
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4 | Others
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1 Retail Clients residing in Australia are persons who do not maintain a valid Wholesale Client Certification
*Wholesale Client Certification
(a) Net assets of at least A$2.5 million OR
(b) a gross income for each of the last two financial years of at least A$250,000 per year.
AND certified by a qualified accountant.
If you are a DBS Private Bank client (PB) or a DBS Treasures Private Client (TPC) with a valid Wholesale Client Certification, you are not affected by the limitations, even if your registered residential address is an Australian address. All DBS Treasures and DBS Personal Banking clients with an Australian residential address with us are subject to the limitations.
If you are a DBS Private Bank client (PB) or a DBS Treasures Private Client (TPC) with a valid Wholesale Client Certification, you may continue to trade using your Wealth account. All DBS Treasures and DBS Personal Banking clients with an Australian residential address with us are subject to the limitations.
No. The limitations only apply to account holder(s) whose registered residential address is in Australia.
Entities which are incorporated in Australia will be affected by the limitations abovementioned, even if the instructions/orders are given by an authorized signatory who resides outside Australia.
For entities which are not incorporated in Australia, the limitations only apply if control (e.g. directors or authorised signatories) is exercised by Australian residents. Under Australia’s Corporations Act 2001, “Control” in general, means having the capacity to determine the outcome of decisions about the entity’s financial and operating policies.
You may hold or liquidate your existing investment. However, you will not be able to purchase any new investments.
Yes, all dividends and coupons will be credited to your existing account.
You will be able to maintain your existing CPFIS/SRS accounts. However, no new application will be permitted.
FX spot transactions, for the purpose of online purchases and remittances will not be affected by the limitations abovementioned. However, FX contracts for investment or trading purposes are affected by these limitations.
With effect from 6 February 2023, clients with a registered residential address in Australia will only be able to access our DBS digibank Mobile. Access to DBS digibank Online (Internet Banking) will be discontinued. To ensure seamless mobile banking convenience for the limited offerings, please download the DBS digibank Mobile app.
All existing account alerts and notifications remain unchanged.
If you wish to edit your alerts / notifications preferences, please do so before 6 February 2023 as these can only be done via DBS digibank Online (Internet Banking).
To set up your digibank mobile account, visit https://go.dbs.com/sg-digibanksetup
Wealth Management clients please visit https://www.dbs.com.sg/personal/support/wealth-iwealth-application.html
Sale/Redemption of: | Cash | SRS |
SGS Bonds | Via any DBS/POSB Branch/Relationship Manager | |
T-bills | ||
SSB | Via ATM | Via any DBS/POSB Branch/Relationship Manager |
Please contact our Customer Service Centre or your Relationship Manager and we will assist you with the sale of SGS Bonds / T-bills and redemption of SSB using SRS.
If you prefer to sell or redeem Singapore Savings Bonds in cash, this option is only available via digibank Mobile in the second half of 2023. We seek your patience and understanding while we expedite the introduction of this feature in our app.