Singapore’s single family offices to face strengthened AML controls


The MAS has initiated a consultation on a framework to bolster the surveillance and defence against money laundering risks in Singapore’s SFO sector.

This framework aims to introduce a unified class exemption for SFOs, with particular prerequisites to ensure adherence to anti-money laundering controls.

Currently, SFOs in Singapore are exempt from licensing requirements under certain conditions, or they may apply to MAS for individual exemptions. To enhance the defence against money laundering risks, MAS is aiming to standardise the exemption criteria for all SFOs operating in the country.

Specific qualifications for the class exemption include Singapore incorporation, annual reporting on managed assets, and maintaining a business relationship with an MAS-regulated financial institution for anti-money laundering checks.

Interested parties have the opportunity to submit their comments on the proposed framework by 30 September 2023.

The measures aim to improve MAS’s ability to monitor SFOs in Singapore and address potential money laundering risks, reflecting the country’s commitment to financial transparency and regulatory compliance.

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