Reclaiming a Dormant Account Held Abroad After 12 Years

In 2023, a longtime Letluc client approached us with an urgent request: their late uncle, a Nigerian national, had held a sizeable account at Standard Chartered Bank Singapore, which had gone unclaimed for over 12 years. Due to cross-border residency changes and lack of proper beneficiary updates, the account had been flagged as dormant and was scheduled for transfer to the Monetary Authority of Singapore (MAS) unclaimed funds division.

The family lacked key documentation no will, no power of attorney and the bank had tightened its KYC and verification rules under updated MAS regulations.

The Challenges

• Missing Documentation:
  No death certificate issued in the country where the account was held. The original mandate signatures were outdated and inconsistent with current passport formats.

• Regulatory Complexity:
  Standard Chartered required certified legal confirmation and notarization compliant with Singaporean banking law and the country of origin (Nigeria).

• Time Sensitivity:
  MAS guidelines stipulate that accounts inactive for 6+ years are flagged, and after 12, transferred. The transfer process was already underway.

Our Approach

1. Jurisdictional Coordination
   We engaged a partner law firm in Singapore to file an affidavit of identity and death confirmation, while our Nigerian team obtained notarized declarations under the Evidence Act.
2. KYC Re-Validation
   Letluc helped the family prepare a comprehensive Beneficiary Verification Pack, including a sworn family tree, police report on the client’s death, certified copies of ID, and a Statutory Declaration.
3. Banking Correspondence & Mediation
   Rather than initiate legal action, we submitted a formal compliance letter citing MAS Financial Advisers Regulations Section 28(1), and requested a hold on the fund transfer pending verification.
4. Escrow Coordination
   To ease disbursement, we created an escrow bridge between the claimant’s local bank and a licensed fiduciary service in Singapore to ensure transparent settlement post-verification.

Outcome

• Funds were successfully released in under 90 days, avoiding MAS fund forfeiture.

• The family now has a compliant cross-border mandate in place for future claims.

• Letluc was appointed to manage the family’s offshore estate restructuring.

• The process set a replicable model for similar clients in high-risk or inactive jurisdictions.

Claiming dormant accounts abroad requires more than proof it demands process, pressure, and jurisdictional fluency. Letluc brings together legal alignment, client advocacy, and a respect for time.