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.
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.
