Live Updates > Live Update Details
2026-05-25 11:18:43
The Monetary Authority of Singapore (MAS) is collaborating with private banks to shorten account opening times using a "risk-appropriate" approach. The MAS Chief Executive stated that the agency aims to reduce account opening times to under one month, while the median time for complex cases is currently around six weeks or longer. He explained that this measure is intended to ensure banks maintain high standards while avoiding unnecessary and excessive scrutiny of clients' wealth origins.
