Singapore MAS Aims to Shorten Private Bank Account Opening Time with "Risk-Adjusted" Approach

the Monetary Authority of Singapore (MAS) is collaborating with private banks to adopt a "risk-adjusted" approach to shorten account opening times. The Managing Director of MAS stated that the authority aims to reduce the account opening process to under one month, compared to the current median opening time for complex cases, which is approximately six weeks or longer. He noted that the move is intended to ensure banks maintain high standards while avoiding unnecessary and excessive scrutiny of clients' sources of wealth. (Bloomberg)