The Monetary Authority of Singapore plans to adopt a "risk-based" approach to shorten the account opening time for private banks

The Monetary Authority of Singapore is collaborating with private banks to adopt a "risk-based" approach to shorten the account opening time. The head of the Monetary Authority of Singapore stated that the authority aims to reduce the account opening time to within one month, while the current median account opening time for complex cases is about six weeks or longer.

He stated that this move is intended to ensure that banks maintain high standards while avoiding unnecessary and excessive scrutiny of the sources of clients' wealth.