2024 07 04 – HOW NEW LAWS IN SINGAPORE RAISE CORPORATE SERVICE PROVIDERS’ STANDARDS
Executive Summary:
On 2 July 2024, Singapore passed the Corporate Service Providers (CSP) Bill and the Companies and Limited Liability Partnerships (Miscellaneous Amendments) (CLLPMA) Bill. These Bills update existing laws to enhance Singapore’s anti-money laundering efforts and improve transparency in the corporate services sector.
These changes set higher standards for corporate service providers in Singapore, requiring them to take more steps to ensure compliance with the new regulations.