Singapore regulator seeks faster private bank onboarding
Key takeaways
- Singapore regulator seeks faster private bank onboarding Singapore’s financial industry was shaken three years ago by a S$3bn ($2bn) money-laundering case.
- The Monetary Authority of Singapore said lenders should bring account opening times down to within one month by the end of this year, compared with a current average of six weeks or longer.
- The regulator said this could be done by improving the efficiency of checks on sources of wealth.
Singapore regulator seeks faster private bank onboarding Singapore’s financial industry was shaken three years ago by a S$3bn ($2bn) money-laundering case. Credit: Jack Hong/ Shutterstock.com. · Private Banker International · Jack Hong/ Shutterstock.com. Vidhya Edwards Munnangi Tue, May 26, 2026 at 6:52 PM GMT+7 2 min read Singapore’s financial regulator has asked private banks to shorten the time it takes for clients to open accounts, as the authorities try to support the city-state’s role in global wealth management after major money-laundering cases contributed to long delays.
The Monetary Authority of Singapore said lenders should bring account opening times down to within one month by the end of this year, compared with a current average of six weeks or longer.
The regulator said this could be done by improving the efficiency of checks on sources of wealth.