On May 9, 2025, SIN ACRA reported CSP act and CSP regs are effective Jun. 9, 2025.
Act requires all business entities providing corporate services in and from Singapore to register with SIN ACRA as registered CSPs; registered CSPs must comply with AML/ CPF/CFT obligations under CSP act regs; nominee directors to be assessed fit, proper.
Fines introduced for breaches of AML/CPF/CFT obligations by CSPs, senior executives.
On Mar. 12, SIN GVT, ACRA proposed bill re AML compliance, owners.
SIN GVT as well as SIN ACRA proposed a new Corporate service providers (CSP) bill.
In addition, proposed a bill to amendCompanies act, Limited liability partnerships act.
This is aimed at enhancing the regulatory regime for the CSP sector along with the transparency of beneficial ownership of companies and limited liability partnerships.
Follows SIN ACRA May 2022 issued proposed legislative amendments, see #139226.
Proposed Amendments
Requires all business entities providing corporate services to register with SIN ACRA.
Provides for fines of up to SGD 100k on registered CSPs/senior management, for non-compliance with obligations re detecting and preventing money laundering, financing of proliferation of weapons of mass destruction and terrorism financing.
Combat the misuse of nominee directorship arrangements by prohibiting persons from acting as nominee directors unless appointments are arranged by registered CSPs.
Increases the penalties for violating obligations in relation to the register of registrable controllers, register of nominee directors, and register of nominee shareholders.
Consultation End
The comment period for this consultation closes on Mar. 25, 2024.
Which amends Companies act 1967, and the Limited liability partnerships act 2005.
Requires companies, foreign companies, limited liability partnerships to take certain measures to ensure that the particulars of their controllers are up-to-date and correct.
Bills, once enacted, become operative on date appointed by notification in gazette.
Jul. 2, 2024 Second Reading Speech
On Jul. 2, 2024, SIN ACRA, SIN GVT published speech delivered by finance minister Indranee Rajah at the second reading in Parliament of the two bills detailed above.
Emphasized the bills fortify the legislative and regulatory framework against misuse of companies and legal persons, reflect a collective approach towards money laundering.
Jul. 10, 2024 SIN ACRA Speech
On Jul. 10, 2024, SIN ACRA Chief Executive Chia-Tern Huey Min delivered the opening address at the CSIS 9th Corporate Service Providers Conference 2024.
Spoke on preventing misuse of corporate structures, misuse of nominee directors, and the transparency of beneficial owners; areas where CSPs play a crucial role in AML/CFT.
Encouraged CSPs to keep abreast of how to deploy technology to help them work better and more efficiently, augment capabilities with commercial AML/CFT solutions.
ACRA will take a firm stance against registered filing agents and registered qualified individuals who breach the laws, and is stepping up on striking off inactive companies.
Will pay special attention to persons with excessively high numbers of directorships.
Towards the end of 2024, ACRA will be implementing a new Bizfile system that gives users an improved user interface and online experience when transacting with ACRA.
They were passed by SIN PRL on Jul. 2, 2024 and assented to on Jul. 31, 2024.
The acts will be effective on a date the Minister appoints by notification in the gazette.
Sep. 2024 SIN ACRA Newsletter
On Sep. 3, 2024, SIN ACRA published the Jul.-Aug. 2024 edition of its newsletter, which outlines the key changes introduced by the two acts, as detailed above.
May 8, 2025 Act Commencement
On May 8, 2025, SIN GVT amended regs to align with Corporate service providers act.
Following regs are effective from Jun. 9, 2025, requiring registration of all providers.
Corporate service providers act 2024 (commencement) notification 2025.
Limited liability partnerships (register of controllers) (amendment) regulations 2025.
Variable capital companies (lodgment of documents) (amendment) regulations 2025.
Variable capital companies (transfer of registration) (amendment) regulations 2025.
May 9, 2025 SIN ACRA Comments
On May 9, 2025, SIN ACRA reported CSP act and CSP regs are effective Jun. 9, 2025.
Act requires all business entities providing corporate services in and from Singapore to register with SIN ACRA as registered CSPs; registered CSPs must comply with AML/ CPF/CFT obligations under CSP act regs; nominee directors to be assessed fit, proper.
Fines introduced for breaches of AML/CPF/CFT obligations by CSPs, senior executives.
