PROPOSED LAW TIGHTENS SCRUTINY ON SINGAPORE CORPORATE SERVICE PROVIDERS
Executive Summary:
The Singaporean government plans to tighten scrutiny on the approximately 3,000 corporate service providers to enhance anti-money laundering controls.
Proposed legislation includes fines of up to $100,000 for firms and their senior management for non-compliance.
The Corporate Service Providers (CSP) Bill requires all providers of corporate secretarial services to register with Acra, with amendments proposed for enhancing beneficial ownership transparency.
Public feedback on the proposals is open until March 25, and the new Bill is expected to be tabled in Parliament in the first half of 2024.