Controls in place to prevent unauthorised use of customer accounts

We thank Mr Jairam Amrith for his feedback ("Close all loopholes to stamp out money laundering"; Forum Online, Sept 14) and have contacted him to resolve the matter regarding his time deposit (TD) accounts.

OCBC Bank enables customers to make more than one placement in a TD account.

When a placement has been withdrawn, and there are no longer any placements in the account, customers can continue to maintain the account for future placements.

Hence, TD accounts are not automatically closed when placements are withdrawn.

OCBC Bank will close zero-balance accounts only when instructed by customers to do so.

There are controls in place to prevent unauthorised use of our customer accounts, including preventive and monitoring controls on possible money laundering activities.

Lee Ee Ling (Ms)

Head of Risk and Prevention

Consumer Financial Services

OCBC Bank