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Singapore seeks to reduce the account opening time for the wealthy to one month

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Golden Finance reports that on May 25th, as Singapore's importance as a wealth management hub increases, the country's financial regulators are working with private banks to shorten account opening times using a "risk-adapted" approach. Singapore's Monetary Authority of Singapore (MAS) Director Tharman Shanmugaratnam stated at the UBS Asia Investment Conference in Singapore that the agency aims to reduce the current median cycle of about six weeks (longer for complex cases) to within one month. Tharman Shanmugaratnam said on Monday that this move is intended to ensure banks avoid unnecessary and excessive scrutiny of clients' sources of wealth while maintaining high standards. He also stated that the MAS issued a circular to financial institutions on Monday, providing more guidance on the latest approach. Additionally, he mentioned that industry will introduce case studies and train bank staff and compliance professionals.
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