Singapore Launches Enhanced Regulatory Framework for Corporate Service Providers - April 2015
Corporate services providers (CSPs) in Singapore will be subject to more stringent regulation from 15 May 2015, following the introduction of new rules by Singapore’s Accounting and Corporate Regulatory Authority (ACRA). The new rules, introduced through the ACRA (Amendment) Act and its related regulations, implement recommendations by the Financial Action Task Force. They place on CSPs similar AML and anti-terrorism financing obligations to those already in place for institutions regulated by the Monetary Authority of Singapore and will further strengthen Singapore’s reputation as a trusted international financial and business hub with a robust regulatory infrastructure.
Under the new rules, CSPs must register as Filing Agents (FAs) and their principal representatives as Qualified Individuals (QIs). A registered FA shall perform customer due diligence measures when:
- It establishes a business relationship
- It suspects that there is money laundering or the financing of terrorism
- It doubts the veracity or adequacy of documents, data or information previously obtained for the purposes of identification or verification