Singapore seeks to shorten the time for wealthy individuals to open accounts to one month.

As Singapore's importance as a wealth management center rises, the country's financial regulatory authorities are collaborating with private banks to shorten account opening times using a "risk-based" approach. Ravi Menon, the managing director of the Monetary Authority of Singapore, stated at the UBS Asian investment conference in Singapore that the authority hopes to reduce the process from the current median of around six weeks to within a month. Menon mentioned on Monday that this move aims to ensure that banks avoid unnecessary and excessive scrutiny of the sources of customers' wealth while upholding high standards. Menon stated that the 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 employees and compliance professionals.