Overview

• MAS has shifted from a zero-risk stance to a calibrated, risk-proportionate framework to capture new wealth management opportunities
• Family office tax incentive applications are now processed within three months, down from as long as 12 months previously
• The regulator is providing detailed guidance to banks and relationship managers on required compliance checks to cut account opening times
• On July 4, MAS imposed S$27.45 million in composition penalties on nine financial institutions for breaches tied to a S$3 billion money-laundering case in 2023
• MAS is leveraging a whole-of-government approach with the Economic Development Board and private banks to help ultra-high-net-worth individuals set up operations, invest and list on the SGX