{"text":[[{"start":7.8,"text":"Singapore’s financial regulator has called on private banks to make it easier for customers to set up accounts, as the city-state tries to strengthen its position as a global wealth hub after high-profile money-laundering scandals led to lengthy wait times."}],[{"start":22.25,"text":"The Monetary Authority of Singapore told lenders on Monday to speed up account opening times to within a month by the end of the year — from an average of six weeks or more currently — by making checks on sources of wealth more efficient."}],[{"start":36.25,"text":"The moves are part of Singapore’s careful balancing act between being a global hub that welcomes rich individuals storing their wealth — typically those with at least $500,000 of liquid assets — while avoiding the recent scandals that have tarnished its reputation for clean business."}],[{"start":52.95,"text":"“More efficient account opening will improve the competitiveness of the wealth management industry while maintaining high standards,” said MAS managing director Chia Der Jiun at a UBS event on Monday."}],[{"start":64.8,"text":"Singapore’s financial sector was rocked three years ago by a S$3bn ($2bn) money-laundering case involving more than 10 individuals with links to a southern Chinese crime syndicate. Last year, police seized assets allegedly tied to a Cambodian scam farm."}],[{"start":80.8,"text":"In response to the Chinese case, MAS fined several banks and wealth managers for what it called “poor and inconsistent implementation” of controls when taking on new customers."}],[{"start":92.85,"text":"Lenders also stepped up scrutiny of customers’ sources of wealth, leading to significant delays in setting up accounts and an 18-month backlog for authorising family offices."}],[{"start":103.3,"text":"The additional checks have led to Singapore losing its edge in attracting overseas wealth to rivals such as Hong Kong, Dubai and Abu Dhabi. Singapore’s authorities have looked at ways to redress the balance and remove friction from the banking system."}],[{"start":119.65,"text":"In a letter sent to chief executives of financial institutions on Monday, MAS highlighted how private banks could streamline their processes for bringing on new customers."}],[{"start":130.55,"text":"These included focusing checks on customers’ sources of wealth only in higher-risk areas rather than for all assets. MAS also suggested banks focus their due diligence on customers that posed the most risk, while avoiding unnecessary requests for additional information."}],[{"start":147,"text":"“MAS would like to emphasise the importance of effective and efficient source of wealth establishment processes, which are risk-proportionate, so that Singapore’s [anti-money laundering] regime does not create undue burden on legitimate businesses and investors,” the regulator wrote. "}],[{"start":163.5,"text":"Bank executives welcomed the measures. “Delivering faster and more seamless client onboarding is a key objective across the private banking industry,” said Lee Lung Nien, head of Singapore for Citigroup. “However, this must be achieved without compromising robust risk management and regulatory compliance.”"}],[{"start":188.75,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1779701834_9417.mp3"}