Singapore is seeking to reduce the time required for wealthy individuals to open bank accounts to one month.

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BlockBeats News, May 25 — According to Bloomberg, the Monetary Authority of Singapore (MAS) is working with private banks to shorten account opening times by adopting a "risk-matched" approach. As Singapore's importance as a wealth management hub continues to grow, this move has attracted more attention.

MAS Chief Chia Der Jiun said at the UBS Asian Investment Conference in Singapore that regulators aim to reduce account opening times to under a month, with the current median around six weeks, and even longer for complex cases.

Chia stated on Monday that this initiative aims to ensure banks maintain high standards of review while avoiding unnecessary or excessive checks on the source of clients' wealth.

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ProofOfCoffee
· 1h ago
A month is still slow for high-net-worth clients, but better than six weeks.
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YieldFarmLibrarian
· 8h ago
MAS's move is good; opening a private bank account finally doesn't have to wait half a year anymore.
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OnchainComplainer
· 14h ago
Once the detailed rules are out, we'll see if it's truly convenient or just a rebranding with no real change.
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GateUser-8acf43da
· 14h ago
Private banking client managers are finally smiling, as the simplified KYC process has been implemented.
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SucculentCross-Section
· 14h ago
The source of the funds is unclear; continue to wait.
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GateUser-3e7da866
· 14h ago
Opening an account within a month, the wave of family office migrations is about to accelerate, right?
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LonelyStoneUnderTheAurora
· 14h ago
Avoiding excessive verification is the key; currently checking ancestors back eighteen generations is indeed outrageous.
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RocksUnderTheAurora
· 14h ago
Maintaining high standards while accelerating, balancing skills are hard to master
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