New WMI programme seeks to protect family offices vs financial crime
It will also impose compliance requirements and standards for taxes.
The Wealth Management Institute (WMI) will launch a new family office risk management and controls programme, which aims to shield the family office ecosystem from financial crime.
In a statement, WMI said the programme also enables strict compliance requirements and standards linked to onboarding and due diligence, cross-border jurisdiction and tax, capital and exchange control matters.
This initiative is just one of two initiatives intended to deepen the engagement of family offices in Singapore.
The first initiative will be the pioneering “Family Office Discovery Series,” which aims to orientate newly arrived family offices to Singapore and support closer integration into Singapore’s dynamic ecosystem.
“Through the Series, family offices will gain access to an expansive network and exposure to a spectrum of opportunities, from building a strong peer network to exploring co-investment opportunities,” read the WMI statement.
The initiative is developed and organised with the support of the Singapore Economic Development Board and the Monetary Authority of Singapore.
WMI CEO Foo Mee Har said the total participation in WMI’s family office programmes and forums has doubled to over 3,000 since the launch.
“Additionally, more than 200 professionals have successfully earned their Certified Family Office Advisor credentials by completing a rigorous curriculum,” added Foo.