The Monetary Authority of Singapore (MAS) has ordered local banks to cut the onboarding time for high‑net‑worth clients. After a series of money‑laundering scandals slowed approvals, regulators now demand that account opening be completed within three business days, down from the previous week‑long average. Faster service aims to keep Singapore competitive as a regional wealth hub.

MAS warned banks that non‑compliance could trigger penalties, including fines up to S$1.2 billion or licence restrictions. The directive follows investigations that found lax due‑diligence at several institutions, prompting client withdrawals and reputational damage. By tightening onboarding, authorities hope to restore confidence among affluent expatriates and family offices that view Singapore as a safe‑store for capital. The threat of sanctions underscores the regulator’s seriousness.

Private banks have already begun streamlining KYC workflows, leveraging digital identity tools to meet the new timeline. Investors monitor the move as a test of Singapore’s ability to balance stringent anti‑money‑laundering standards with the speed demanded by wealth managers. The regulator’s crackdown signals that swift compliance will be a prerequisite for any institution seeking growth in the city‑state’s lucrative private‑banking segment.