Reported 7 months ago
As the family office industry in Asia, particularly in Singapore and Hong Kong, continues to grow, reports of imposters are increasing. With trillions of dollars managed by family offices globally, the secretive nature of the industry makes it difficult to discern legitimate players from fakes. Strategies to identify imposters include amateur detective work within the industry and the use of messaging platforms to share information. Lack of regulation and the allure of benefits in this booming industry have led to a surge in fraudulent activity, exemplified by recent money laundering cases involving family offices in Singapore.
Source: YAHOO