Chee Hong Tat on risk-appropriate approach of MAS in Singapore's family office regime
Single Family Offices linked to individuals convicted of money laundering offences represent a very small proportion of the overall sector - at less than one per cent, said Deputy Chairman of the Monetary Authority of Singapore (MAS) Chee Hong Tat. Replying to an MP’s questions in parliament on Wednesday (Nov 5), he pointed out that many industry stakeholders already consider Singapore to have more stringent due diligence standards for high-net-worth clients. Singapore’s approach is risk-proportionate, not zero risk, he said. MAS expects all financial institutions to do the same and will continue to work closely with its international counterparts to deter and enforce against bad actors who operate across different jurisdictions, he added.
Single Family Offices linked to individuals convicted of money laundering offences represent a very small proportion of the overall sector - at less than one per cent, said Deputy Chairman of the Monetary Authority of Singapore (MAS) Chee Hong Tat. Replying to an MP’s questions in parliament on Wednesday (Nov 5), he pointed out that many industry stakeholders already consider Singapore to have more stringent due diligence standards for high-net-worth clients. Singapore’s approach is risk-proportionate, not zero risk, he said. MAS expects all financial institutions to do the same and will continue to work closely with its international counterparts to deter and enforce against bad actors who operate across different jurisdictions, he added.
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