In 2024, Singapore implemented significant legislative changes to enhance the regulatory framework for corporate service providers (CSPs). The Corporate Service Providers Bill and the Companies and Limited Liability Partnerships (Miscellaneous Amendments) Bill were passed in July 2024, aiming to strengthen anti-money laundering measures and increase transparency within the corporate services sector.

These new laws require all entities providing corporate services in Singapore to register with the Accounting and Corporate Regulatory Authority (ACRA) as registered CSPs. Registered CSPs are mandated to perform customer due diligence measures and report suspicious transactions to relevant authorities. Non-compliance can result in fines up to SGD 50,000 or imprisonment for up to two years.