(June 12): Singapore’s central bank will roll out a revised framework for single family offices on June 15, making it easier for wealthy families to set up investment entities in the city-state while strengthening defenses against money laundering.
The Monetary Authority of Singapore said the updated framework is structure-agnostic, allowing all qualifying SFOs to benefit from a straight-through class licensing exemption.
Under the new rules, SFOs that meet MAS’ criteria will only be required to notify the regulator of their operations, maintain an account with a licensed bank and submit an annual return detailing their total assets and the name of their banking partner, according to a statement on Friday.
The changes come after a consultation launched in July 2023 designed to strengthen the country’s defenses against money laundering risks in SFOs in Singapore. It sought to ensure that all SFOs would be subject to anti-money laundering controls, it had said in a statement then.
Existing SFOs in the city-state will be given a one-year transitional period to comply with the new framework.
Uploaded by Magessan Varatharaja
