MAS to slash private bank account opening to under a month
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The Monetary Authority of Singapore (MAS) aims to reduce private banking account opening times to under a month, down from six weeks or longer. A new circular directs financial institutions to establish clients’ Source of Wealth in a more risk-proportionate manner. This guidance aims to streamline onboarding processes and will be supplemented by 'Process Enhancement Tips' and training for industry professionals.
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Source: Singapore Business Review The copyright of this article belongs to the original author/organization.
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