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The Monetary Authority of Singapore plans to adopt a "risk-adaptive" approach to shorten private banking account opening times.

MeNews
ME News Report, May 25 (UTC+8), the Monetary Authority of Singapore is working with private banks to adopt a "risk-adaptive" approach to shorten account opening times. The head of the Monetary Authority of Singapore stated that the agency aims to reduce the account opening time to within one month, while the median time for complex cases currently takes about six weeks or longer. He said this move is intended to ensure banks maintain high standards while avoiding unnecessary and excessive scrutiny of clients' sources of wealth. (Source: ChainCatcher)
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GateUser-c1cab702
· 13h ago
Opening an account in a month is still too slow for high-net-worth clients; traditional banks should really learn from on-chain wallets in terms of efficiency.
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MintConditionHuman
· 13h ago
Private banking account opening takes six weeks? I can set up my DeFi protocol in three minutes.
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GateUser-0d1088ad
· 13h ago
The director speaks lightly, but frontline customer managers are under a lot of pressure.
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GateUser-5578154d
· 13h ago
The scrutiny of the source of wealth is indeed hard to get right; too lenient and money laundering may go unnoticed, too strict and it may drive away clients.
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On-ChainNightSecurityGuard
· 13h ago
The compliance costs of traditional finance are ultimately paid by the users.
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GateUser-7df43e29
· 13h ago
Singapore is probably worried that money will go to Hong Kong and Dubai, so they’re tightening up.
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MemeFisher
· 13h ago
Hopefully, it's not just talk, and the actual materials list is still a long list.
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