The Monetary Authority of Singapore’s (MAS) revised framework for Single Family Offices (SFOs) took effect on 15 June with the aim of enhancing the supervision of SFOs, ensuring all SFOs are subject to anti-money laundering controls, and providing a streamlined process for SFOs to establish operations in Singapore.
All qualifying SFOs operating in Singapore are now exempt from license requirements and only need to notify MAS of their operations and maintain an account with a MAS-licensed bank. They will also have to file a simple annual return with information on their total assets under management and the name of their bank.
Existing SFOs operating in Singapore will have a transitional period of one year to comply with the revised framework.
The changes follow MAS’ public consultation on the revised SFO framework in 2023 and its policy responses to the industry’s feedback, published in November 2024, which were largely positive.
