Singapore is the rich waiting period for the erection of offices or opening accounts

A senior official said on Wednesday that the financial regulatory authority in Singapore is shrinking the waiting period before the rich who want to manage their assets in the Asian Wealth Center. Che Hong Tat, vice chairman of the Monetary Authority Board of Singapore, said families’ offices applying for tax incentives in the city should now wait for up to three months, compared to 12 months in the past. He added that the monetary authority (the central bank in the country) also works with private banks to help them accelerate the opening of customer accounts. High standards and an environment willing to start business. Che said: “We want to maintain high standards and at the same time we want to provide an easy and prepared environment to start for our clients.” Chi’s statements may be aimed at ensuring investors’ concerns about the impact of the growing investigation of their wealth and money, to a series of scandals in Singapore over the past year. These statements highlight the country’s approach based on ‘proportional’ risks with the aim of strengthening the private banking sector. “We are adopting an approach based on the beginning of risks and not a risk approach, otherwise Singapore will not be able to take advantage of new opportunities. The biggest case of money laundering last week imposed the Monetary Authority in Singapore total $ 27.5 million fines to nine financial enterprises for violations related to the largest issue of the city history. This procedure was the largest regulatory lead since 2016 when the local unit of the local unit was. have, compared to approximately 400 offices at the end of 2020. The country also has a competition from Hong Kong and the vague to attract the rich of the world.