MAS's Paper on Single Family Offices

Amidst the strong growth of SFOs in Singapore, one key risk that MAS is focused on with respect to wealth inflows to Singapore is the potential for money laundering. MAS intends to take additional measures to strengthen its surveillance and defence against potential ML risks posed by SFOs.

The consultation outlines MAS’ proposals to:

• Harmonise the criteria for SFOs to be exempt from licensing under the Securities and Futures Act (“SFA”); and
• Introduce new notification and reporting requirements to better monitor SFOs operating in Singapore.

Firms are invited to comment on the proposed framework until 30th September 2023.