International News 26 May 2026
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Singapore Central Bank Partners with Industry to Streamline Private Bank Account Applications
Singapore’s central bank is working with the country’s private banking industry to shorten the time required for wealthy individuals to open bank accounts. According to Reuters, the Monetary Authority of Singapore has issued guidance for financial institutions to assess clients’ sources of wealth in a manner proportionate to their risk profile, aiming to streamline the application process, Managing Director Chia Der Jiun said. The central bank has maintained strict anti-money laundering controls within Singapore’s wealth management sector, requiring banks to conduct extensive due diligence on prospective account holders. The new approach is intended to improve efficiency while preserving regulatory safeguards and compliance standards.
Trump Not in a Rush to Reach Agreement with Iran, U.S. Blockade to Remain in Place
U.S. President Donald Trump stated that he had instructed his representatives not to rush into reaching any agreement with Iran, signaling that his administration is lowering expectations for an immediate breakthrough in negotiations. Trump also emphasized that the U.S. blockade on Iranian vessels in the Strait of Hormuz would remain fully enforced until any agreement is finalized, approved, and officially signed. He added that both sides should take sufficient time to ensure the deal is properly arranged. There was no immediate response from the Iranian government. However, Tasnim News Agency, which is affiliated with Iran’s Revolutionary Guard, reported that the United States continues to hinder parts of a potential agreement, including Tehran’s demand for the release of frozen assets.
U.S. Dollar Weakens Amid Optimism Over Potential Strait of Hormuz Reopening Deal
The U.S. dollar weakened against several major currencies in Monday’s (May 25, 2026) trading session as growing optimism over a potential agreement to reopen the Strait of Hormuz pushed global oil prices below US$100 per barrel. At the same time, both the United States and Iran continued to temper expectations of reaching a deal in the near term. Beyond geopolitical developments, global markets traded under thin liquidity conditions as several major exchanges, including those in the United States, Hong Kong, the United Kingdom, and much of Europe, remained closed for public holidays. According to Reuters, the U.S. dollar declined 0.2% against the Japanese yen to 158.94, while the euro gained 0.31% to US$1.11639 and the British pound rose 0.42% to US$1.34865.