The requirements come amid the large inflows of wealth into Singapore, with assets under management (AUM) growing at an average of 15% between 2017 and 2021. Part of the growth was contributed by SFOs setting up shop here. The number of SFOs that were awarded tax incentives by the MAS grew to 1,100 as at end-2022, from 700 recorded in 2021.
The Monetary Authority of Singapore (MAS) will be releasing a public consultation paper before the end of July, proposing measures to step up surveillance and defence against money laundering risks in the fast-growing single family office (SFO) sector.
According to managing director Ravi Menon, MAS is seeking to require all SFOs to notify the central bank when they commence operations and every year. They are to also maintain a business relationship with an MAS-regulated financial institution that would perform anti-money laundering (AML) checks.
