Corporate service providers (CSPs) may face fines of up to S$100,000 per instance for failing to fulfill their anti-money laundering responsibilities, including detecting and preventing money laundering, terrorism financing, and weapons proliferation.

The proposed Bill aims to enhance regulatory measures for CSPs, requiring registration with Acra every two years and mandating at least one registered qualified individual.

The Bill also addresses the misuse of nominee directorship arrangements and increases penalties for breaches related to Registrable Controllers, Nominee Directors, and Nominee Shareholders.

Investigations into money laundering activities have resulted in ACRA canceling registrations of filing agents and their qualified individuals, signaling stricter enforcement measures in Singapore’s anti-money laundering efforts.