By Rae Wee
SINGAPORE’S central bank is working with the country’s private banking industry group to streamline AML checks, shortening the time needed for wealthy individuals to open bank accounts, the bank’s chief said.
The Monetary Authority of Singapore issued a circular on Monday guiding financial institutions to establish a client’s source of wealth in a “risk-proportionate” way in order to cut application times, said managing director Chia Der Jiun.
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