(Credit: kerophotographer/Adobe Stock) Singapore's Increased Scrutiny on Family Offices Is Creating More Work for Lawyers
In the wake of a major money-laundering scandal, authorities are paying closer attention to the wealth management sector, driving clients to seek more legal advice out of fear they could be subject to harsh penalties.
July 01, 2024 at 07:07 PM
5 minute read
Risk and Compliance
Singapore's financial watchdog issued a warning late in late June that the country's banking sector, including wealth management, poses the highest risk of money-laundering to the country. Regulators had already been clamping down and reevaluating its new entrants of family offices following a corruption scandal that broke last year.
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