The Monetary Authority of Singapore (MAS) has launched a public consultation on a revised framework to strengthen surveillance and defence against money laundering risks in Singapore.
Managing director Ravi Menon first mentioned the proposal at the launch of the MAS FY2022/FY2023 annual report.
The revised framework, which targets single family offices, will introduce a “harmonised class exemption” for such offices with specific requirements. At present, single family offices do not manage third-party assets. They can either rely on existing class exemptions from licensing requirements under the Securities and Futures Act (SFA) or apply to MAS for case-by-case exemptions.
To qualify for the exemptions, single family offices must fulfil a list of criteria.
They have to be incorporated in Singapore and notify and confirm with MAS that they are in compliance with the qualifying criteria under the class exemption when they commence operations in Singapore.
These single family offices must also report on their total assets managed at the end of every calendar year annually. Finally, they have to maintain a business relationship with an MAS-regulated financial institution that will perform anti-money laundering checks on these single family offices.
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“These measures will allow MAS to better monitor single family offices operating in Singapore and address any money laundering risks in the sector,” says MAS.
Interested parties are invited to submit their comments here by Sept 30.
