Singapore Banks Overview |
Posted: January 1, 2023 |
Translator
Singapore banks are governed by the Banking Act 1970 and by the Monetary Authority of Singapore (MAS). MAS works as the central bank of the country and provides the framework and guidance for all banks in Singapore. In recent years, implementations of anti-money laundering (AML) policies have been intensified around the world, and Singapore banks have not been an exception. All Singapore banks have raised KYC thresholds for their customers – especially for those who are non-residents of Singapore. This also applies to the owners of companies registered in Singapore who are not yet acting as Singapore residents. To know more, visit: Singapore Banks Overview
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