Monday, 15 June, 2015

Enhanced regulatory framework for Singapore's corporate service providers

On 15 May 2015 Singapore’s enhanced regulatory framework for corporate service providers came into effect. The framework is administered by the Accounting and Corporate Regulatory Authority (ACRA). 

The enhanced framework meets international standards on anti-money laundering and counter terrorism financing established by the Financial Action Task Force. 

Under the framework, corporate service providers are required to register themselves as filing agents and qualified individuals. Filing agents and qualified individuals need to fulfil ‘fit and proper’ considerations and comply with terms and conditions imposed under the ACRA regulations. Sanctions are imposed on both filing agents and qualified individuals if the terms and conditions are breached. 

One significant impact arising from the enhanced framework is that filing agents must establish and maintain appropriate and risk sensitive internal policies, procedures and controls to prevent activities related to money laundering and the financing of terrorism. 

This will raise the professional standards of corporate service providers, and discourage business structures which conceal beneficial ownership and flow of illicit funds through Singapore.

Singapore: a reputable financial centre

Singapore continues to keep its regulatory system and laws aligned with international standards. This makes Singapore highly attractive for foreign investment.

For further information on the enhanced regulatory framework, please contact Vistra Singapore.

 

Contacts

Associate Director,
+65 6854 8015

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