No material updates were made to its regulations by the Monetary Authority of Singapore in October 2025.

However, new troubles are brewing after law enforcement agencies across various countries, including the USA, the UK, Singapore, Hong Kong, and Taiwan, took action against the Prince group and its owner Chen Zhi. They are alleged to form an international crime syndicate carrying out online scams. In Singapore, the police seized over SGD 150m in assets. At least two single-family offices are involved. Critical questions have already been raised in parliament about the strength of anti-money laundering measures. After the last round of tightening AML/CFT regulations earlier this year, we can keep our fingers crossed that there will be no further tightening.

Fund management companies (“FMCs”), including external asset managers (“EAMs”), should not forget to submit their Basic QDC by 30 November 2025. In addition, FMCs managing a fund or a segregated mandate with assets under management of SGD 500m or more are strongly recommended to participate in the trials of the Full QDC that have commenced. Beginning in 2026, the MAS expects them to submit the Full QDC timely and without errors.