The Monetary Authority of Singapore (MAS) plans to shorten account opening times to within one month, adopting a 'risk-based approach.' According to Bloomberg, MAS is working with private banks to reduce account opening times by aligning processes with risk levels. This move aims to ensure banks maintain high standards of scrutiny while avoiding unnecessary or excessive checks on the source of clients' wealth. Shortening account opening times and avoiding over-scrutiny at this moment—gotta say, MAS is being very thoughtful, and their intentions are pretty clear. MAS Managing Director Chia Der Jiun stated at the UBS Asia Investment Conference that regulators aim to cut account opening times to within one month, compared to the current median of about six weeks, with complex cases taking even longer. MAS has also issued a circular to financial institutions, providing further guidance on the latest approach.