[Singapore MAS Proposes 'Risk-Based' Approach to Shorten Private Banking Account Opening Time] Odaily Planet Daily News – The Monetary Authority of Singapore (MAS) is working with private banks to adopt a 'risk-based' approach to shorten account opening times. The MAS director stated that the authority aims to reduce the account opening time to less than one month, whereas the current median time for complex cases is approximately six weeks or longer. He noted that this initiative seeks to ensure banks maintain high standards while avoiding unnecessary and excessive scrutiny of clients' sources of wealth. (Bloomberg)