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

Odaily reported that the Monetary Authority of Singapore (MAS) is collaborating with private banks to adopt a "risk-based" approach to shorten account opening times. The managing director of MAS stated that the authority aims to reduce the account opening period to within one month, while the current median opening time for complex cases is around six weeks or longer. He noted that this move is intended to ensure that banks maintain high standards while avoiding unnecessary and excessive scrutiny of clients' sources of wealth. (Bloomberg)