The Monetary Authority of Singapore has introduced a revised framework for single family offices to establish operations in the city-state.
Singapore’s revised framework for single family offices (SFO) will take effect today, according an announcement from the local regulator, which aims to provide a “simple, streamlined process for SFOs to establish operations” in the city-state while enhancing monitoring.
The Monetary Authority of Singapore (MAS) said that the framework is “structure-agnostic” which facilitates straight through class exemption from licensing for all qualifying SFOs. Family offices that meet the requirement are required to notify MAS of their operations, maintain an account with a licensed bank in Singapore and file an annual return with information on their total assets under management and the name of their bank.
Existing family offices already operating in Singapore will have a transitional period of one year to comply with the new framework.
The framework was revised following a public consultation launched in 2023 to strengthen surveillance and defence against money laundering risks among SFOs. In the same year, Singapore was hit by a historic SGD3 billion money laundering scandal that led to 10 Chinese nationals being arrested and charged for related crimes. Nine financial institutions were subsequently fined more than SGD27 million over breaches of anti-money laundering requirements.
