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The Monetary Authority of Singapore seeks to reduce the wealthy account opening time to one month
As Singapore's importance as a wealth management hub increases, local financial regulators are collaborating with private banks to use a "risk-adapted" approach to shorten account opening times.
Singapore's Monetary Authority of Singapore (MAS) Chief Tharman Shanmugaratnam stated at the UBS Asia Investment Conference held in Singapore that they aim to reduce the current median cycle of about six weeks (longer for complex cases) to within one month. This move is intended to ensure banks avoid unnecessary and excessive scrutiny of clients' sources of wealth while maintaining high standards.
He further added that, while maintaining high standards, a more efficient account opening process will enhance the competitiveness of the wealth management industry. In the face of more frequent shocks and ongoing uncertainties, Singapore as a financial center, along with its representation of safety, stability, trust, and vitality, holds great value.
Tharman Shanmugaratnam pointed out that MAS issued a circular to financial institutions on Monday, providing more guidance on the latest approach. He also mentioned that the industry will launch case studies and train bank staff and compliance professionals.