Singapore's new family office rules to raise costs, reporting requirements

The Monetary Authority of Singapore’s (MAS) proposed anti-money laundering (AML) rules for single-family offices (SFOs), part of an effort to institutionalise the sector, have mostly been welcomed — although specific elements of the planned regulatory framework have prompted questions and concerns. For instance, Michael Marquardt, the Singapore-based Asia chief executive at IQ-EQ, an investor services firm that sets up family offices, told AsianInvestor that the new rules, which a…