SINGAPORE – In response to the Monetary Authority of Singapore’s (MAS) proposed measures to tighten money laundering surveillance of family offices, Verify 365 reinforces its commitment to providing robust Anti-Money Laundering (AML) solutions that adhere to evolving regulatory landscapes.

The MAS announced on Monday its plans to initiate a public consultation on the new measures, which will mandate Single Family Offices (SFOs) to employ an MAS-regulated financial institution for money laundering checks. These institutions will also be required to report on their total assets at the end of each calendar year.

The proposed regulations, as per the MAS, will enhance its ability to monitor SFOs operating within Singapore and manage any potential money laundering risks within the sector. At present, SFOs can apply for certain exemptions, an option the MAS plans to revise.

The number of SFOs in Singapore, which manage the financial affairs of ultra-high net worth families, including investments, taxation, wealth transfer, and other financial matters, has seen a significant rise. The data from MAS shows a surge to 1,100 by the end of 2022, up from 400 at the end of 2020.

The uptick can be attributed to wealthy families from Asia and beyond seeking a safe haven amidst the global banking turmoil and economic uncertainty. An influx of investors from China and Hong Kong seeking refuge from stringent anti-COVID measures has also contributed to the city-state’s boom.

Verify 365, a leader in risk and compliance onboarding solutions, welcomes these regulatory changes and reaffirms its mission to offer secure and efficient identity verification services in alignment with international and local AML regulations.

“We see this as an opportunity to further strengthen our commitment to providing comprehensive risk and compliance onboarding solutions,” said Azeem Rashid, a spokesperson for Verify 365. “We are well-prepared to assist SFOs in Singapore to navigate these changes while ensuring compliance with the new regulations.”

The company’s state-of-the-art technology, including its industry-leading app-led onboarding process, is designed to simplify and streamline the risk and compliance process, allowing SFOs to meet regulatory requirements without sacrificing efficiency.

Interested parties are invited to submit their comments on the consultation by September 30, 2023.

As the new regulations unfold, Verify 365 stands ready to adapt its services to meet the evolving needs of family offices and other regulated entities in Singapore, reinforcing its position as a reliable partner in risk and compliance onboarding.