Media Releases
Published Date: 31 July 2023

MAS to Strengthen Defence Against Money Laundering Risks in Single Family Offices

Singapore, 31 July 2023… The Monetary Authority of Singapore (MAS) today launched a public consultation on a revised framework to strengthen surveillance and defence against money laundering (ML) risks in Singapore’s Single Family Office (SFO) sector. The revised framework will introduce a harmonised class exemption for SFOs with specific requirements to ensure that all SFOs are subject to anti-money laundering controls.  

2 Currently, as SFOs do not manage third-party assets, they can either rely on existing class exemptions from licensing requirements under the Securities and Futures Act or apply to MAS for case-by-case exemptions. To strengthen surveillance and defence against ML risks in the SFO sector, MAS proposes to harmonise the exemption criteria for all SFOs operating in Singapore.  

3 Specifically, to qualify for the class exemption, SFOs must:

  • be incorporated in Singapore;
  • notify MAS and confirm that it is in compliance with the qualifying criteria under the class exemption when they commence operations in Singapore;
  • report annually on total assets managed after the end of each calendar year; and
  • maintain a business relationship with an MAS-regulated financial institution that will perform anti-money laundering checks on these SFOs.

These measures will allow MAS to better monitor SFOs operating in Singapore and address any ML risks in the sector.

4 Interested parties are invited to submit their comments here by 30 September 2023.

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