Opening a private banking account in Singapore involves more than depositing funds. This guide walks through eligibility, documentation, and the onboarding process.
The process of joining a private bank in Singapore usually includes:
- Eligibility Assessment: Client must meet minimum asset thresholds.
- Documentation: Passport, proof of residence, source of wealth documentation.
- Compliance Checks: Banks conduct due diligence for AML and KYC requirements.
- Relationship Assignment: A dedicated relationship manager is appointed.
- Account Setup: Portfolio structuring and access to services.
While the requirements are rigorous, they ensure both client security and regulatory compliance. For those seeking bespoke financial solutions, the effort is worthwhile.
open private banking account Singapore, private banking process, private bank onboarding
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