Singapore private bank onboarding faces delays despite speed targets

Private bank onboarding in Singapore remains a significant bottleneck for wealthy clients, despite efforts by authorities to accelerate the process. The Private Banking Industry Group, a collaboration between the Monetary Authority of Singapore (MAS) and the private banking sector, aims to reduce account-opening times to under one month by the end of 2026.

However, industry professionals report that the full onboarding process can still take between three and 12 months, particularly for complex cases. Key challenges include verifying the source of wealth for established families whose assets were accumulated over decades across multiple jurisdictions. Difficulties arise when historical documentation does not meet modern standards or when records are held in different languages and systems. Increased scrutiny regarding beneficial ownership and the provenance of funds has further extended these timelines.