Singapore fast-tracks bank account opening for ultra-rich
The moves are designed to keep Singapore attractive as a hub for the finances of the wealthy even as it tightens regulations following a S$3 billion (US$2.34 billion)
money laundering scandal in 2023.
National Development Minister Chee Hong Tat, who is also the deputy chairman of the country's central bank, said it used to take as long as a year for family offices to get tax incentives, but that the Monetary Authority of Singapore had worked with financial institutions to bring it down to within three months for most applications.
Chee said MAS was also working with private banking firms to reduce the time taken for clients to open accounts.
'We want to work closely with the industry to see how we can go further, uphold high standards, so that we remain a trusted financial centre, and at the same time make sure that our processes are efficient,' Chee said.
Singapore has tightened scrutiny of the financial sector following 2023's money laundering scandal, the largest ever in the city state, with lenders spending more time on due diligence checks and even closing the accounts of some clients.
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