The Accounting and Corporate Regulatory Authority in Singapore is looking for public consultation and feedback on a new proposed bill – The Corporate Service Providers Bill (CSP Bill). The bills aims to strengthen controls around Registered Filing Agents, Registered Qualified Individuals and Nominee Directors, increase the amounts of fines and penalties that can be imposed for non-compliance or negligence to address gaps in Anti Money Laundering, Counter Financing of Terrorism and weapons of mass destruction or the misuse of shell corporations and nominee directorships to conduct illegal activities.
There are important changes being proposed to include
- Registration with ACRA whether or not a service provider transacts with ACRA. This is to track facilitating overseas activity from Singapore.
- Higher fines and penalties, including the management and directors of the CSP
- Monitoring of Nominee Directors to ensure they are qualified to identify potentially illegal activity
- ACRA taking a more hands on approach to be notified and copied on Suspicious Transaction Reports filed
- Removing the exemption of beneficial owner inquiries for entities connected to the Singapore Government or foreign governments.
