Opening A Labuan Bank Account
It is not complicated to open a Labuan Bank Account. There are banking agents and channels available within and outside the country that can help people to open a banking account in Labuan. Especially those companies who are abroad and are looking to set an offshore account in Labuan can find the region one of the best and most private places to operate a banking account.
Banks in Labuan do not have stringent criteria for account opening and facilitate most people and businesses. However, the bank does have the right to reject account applications from politically exposed persons or those businesses who fail to establish the authenticity of their source of income.
Banks follow their due diligence as well as KYC(know your customer) procedures before they open the account. These practices are to mitigate the element of fraud through a bank account that can cause reputational and financial damage to the bank.