Singapore's Monetary Authority (MAS) has overhauled its single family office framework, introducing stricter compliance measures to prevent misuse while enhancing operational flexibility. This move includes tightened anti-money laundering (AML) and Combating the Financing of Terrorism (CFT) checks, following the city-state's largest money-laundering case in 2023.
The updated framework imposes stricter conditions on the management of third-party funds. According to Koh, "Family offices may only manage funds for charitable organizations funded exclusively by the family."
He further explained that family offices are now permitted to manage assets on behalf of key non-family employees, such as executive directors, the CEO, the CFO, and investment professionals, but this is subject to strict limitations. "Non-family key employees' assets cannot exceed 10% of the family office’s total AUM," Koh shared.
To ensure compliance, family offices are required to notify MAS within fourteen days of commencing operations. Additionally, a legal opinion from a Singapore law firm must confirm that the family office meets exemption criteria. The family offices also must submit annual declarations detailing compliance with exemption requirements.
The regulations also require family offices to submit a signed declaration confirming that family members served by the office are not under investigation or involved in civil or criminal proceedings in Singapore or elsewhere.
新加坡金融管理局（MAS）已對其單一家庭辦公室框架進行了全面改革，推出更嚴格的合規措施，以防止濫用並增強運營靈活性。此次改革包括加強反洗錢（AML）和打擊恐怖主義融資（CFT）檢查，這一變化是因應2023年該市最大的洗錢案件。
更新的框架對第三方資金的管理施加了更嚴格的條件。根據Koh的說法，“家庭辦公室僅能管理由家庭完全資助的慈善組織的資金。”
他進一步解釋說，家庭辦公室現在可以代表關鍵非家庭員工（如執行董事、首席執行官、首席財務官和投資專業人員）管理資產，但這需遵循嚴格的限制。“非家庭關鍵員工的資產不得超過家庭辦公室總資產管理規模（AUM）的10%。”Koh表示。
為了確保合規，家庭辦公室必須在開始運營後的十四天內通知MAS。此外，必須由新加坡律師事務所提供法律意見，以確認家庭辦公室符合豁免標準。家庭辦公室還必須提交年度聲明，詳細說明合規情況。
這些規定還要求家庭辦公室提交一份簽署聲明，確認受該辦公室服務的家庭成員未在新加坡或其他地方接受調查或涉及民事或刑事訴訟。
Full News from Asian Investors: https://www.asianinvestor.net/article/singapores-new-family-office-framework-raises-compliance-standards/499872