Singapore’s financial regulator has called on private banks to make it easier for customers to set up accounts, as the city-state tries to strengthen its position as a global wealth hub after high-profile money-laundering scandals led to lengthy wait times.
The Monetary Authority of Singapore told lenders on Monday to speed up account opening times to within a month by the end of the year — from an average of six weeks or more currently — by making checks on sources of wealth more efficient.
The moves are part of Singapore’s careful balancing act between being a global hub that welcomes rich individuals storing their wealth — typically those with at least $500,000 of liquid assets — while avoiding the recent scandals that have tarnished its reputation for clean business.