Singapore MAS Issues Warning of VCCs (Variable Capital Company) Being Used for Money Laundering, Review of VCCs Highlighted Lacked of Proper Custody Arrangements & Importance of Compliance with Anti-Money Laundering Framework & Controls, DBS Private Bank DBS Multi Family Office Foundry VCC Launched in 2023 Reported $780 Million (S$1 Billion) AUM from More than 25 UHNW Families
18th March 2026 | Hong Kong
The Monetary Authority of Singapore (MAS) has issued a warning of VCCs (Variable Capital Company) being used for money laundering.In 2025 September, DBS Private Bank DBS Multi Family Office Foundry VCC launched in 2023 reported $780 million (S$1 billion) AUM from more than 25 UHNW families (Ultra high net worth). Clients can setup a family office with investment structure & tax benefits with a minimum of S$15 million ($11 million) for DBS MFO service. Singapore VCC (Variable Capital Company) framework reduces the need for family offices to setup multiple companies and thus reduces administration. In 2025 July, Monetary Authority of Singapore (MAS) Executive Director (Investment Intermediaries) Teo Kok Ming keynote speech at the 11th Regulatory Forum (11/7/25) in Singapore, review of VCCs highlighted lacked of proper custody arrangements & importance of compliance with anti-money laundering framework & controls. In 2025 July, the Monetary Authority of Singapore (MAS) is investigating VCCs (Variable Capital Company) managers for failures in compliance & oversight including not establishing independent custody for assets and using VCC for 1 single asset & for only 1 client. Singapore MAS issued a reminder on VCC to be used as collective investment scheme, and VCC managers to have a substantial role. No. of VCCs (Variable Capital Company) in 2023 – 1,029. No. of VCCs sub-funds – 2,158 (Managed by 565 regulated fund management firms). No. of Re-domiciled VCCs – 18. Fund Service Providers – More than 300 legal advisors, tax advisors, fund administrators, corporate secretaries etc. VCC Fund Strategies – Private Equity / Venture Capital 41%, EAM / MFO 22%, Hedge Fund 18%, Traditional 15%, Real Estate 4%. Variable Capital Companies (VCC) – The Variable Capital Company (VCC) is a new corporate structure for investment funds constituted under the Variable Capital Companies Act which took effect on 14 Jan 2020. The VCC will complement the existing suite of investment fund structures available in Singapore. The VCC Act and subsidiary legislation is administered by ACRA. All VCCs must be managed by a Permissible Fund Manager. The anti-money laundering and countering the financing of terrorism obligations of VCCs will come under the purview of the Monetary Authority of Singapore (MAS). More info below:
“ Singapore MAS Issues Warning of VCCs (Variable Capital Company) Being Used for Money Laundering, Review of VCCs Highlighted Lacked of Proper Custody Arrangements & Importance of Compliance with Anti-Money Laundering Framework & Controls, DBS Private Bank DBS Multi Family Office Foundry VCC Launched in 2023 Reported $780 Million (S$1 Billion) AUM from More than 25 UHNW Families “
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Singapore MAS Issues Warning of VCCs (Variable Capital Company) Being Used for Money Laundering, Review of VCCs Highlighted Lacked of Proper Custody Arrangements & Importance of Compliance with Anti-Money Laundering Framework & Controls, DBS Private Bank DBS Multi Family Office Foundry VCC Launched in 2023 Reported $780 Million (S$1 Billion) AUM from More than 25 UHNW Families
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