Jul/Aug 2021 Issue of ACRAConnect

Merger of ACRA, Singapore Accountancy Commission (SAC), and Accounting Standards Council (ASC) Secretariat

The Ministry of Finance will merge the accountancy-related units in ACRA, SAC and ASC Secretariat into a strengthened accountancy function under one entity. ASC will remain as a Council appointed by the Minister for Finance. The merger will strengthen effectiveness of regulation, standards-setting and sector development by harnessing synergies across complementary functions. The Merged Entity will be formed and will commence operations in the second half of 2022.

Visit MOF website

Building Resilience for the Corporate Service Providers (CSPs) Sector

About 300 CSPs attended the CSIS 6^th Corporate Service Providers Conference webinar on 29 July 2021. In his keynote speech, ACRA Chief Executive Mr Ong Khiaw Hong encouraged CSPs to build resilience through digitalisation, and compliance with anti-money laundering and countering the financing of terrorism (AML/CFT) requirements. Mr Ong emphasised that digitalisation will help to enhance CSPs’ value add in the digital ecosystem and remain relevant in a post-COVID economy. ACRA officers also provided updates on business registry digitalisation initiatives and best practices to ensure compliance with AML/CFT requirements.

Read speech by Mr Ong Khiaw Hong, ACRA Chief Executive at the CSIS 6th Corporate Service Providers Conference 2021

Public Sector Transformation (PST) Awards 2021

ACRA was accorded two PST Awards at the PST Awards Ceremony held on 30 Jul 2021. This included the PST Regulatory Excellence award for our artificial intelligence model, which facilitates early detection of companies at risk of financial distress. ACRA UEN Administration & Data Assurance Manager Yao Jingyong also received the Exemplary SkillsFuture award for his efforts to pick up digital technology and data skills to develop new services for our customers. The PST Awards recognise public officers and agencies for service, innovation and organisation excellence.

National Day Awards 2021

Our heartiest congratulations to the following ACRA officers who have been conferred with National Day Honours for their contributions to Singapore:

The Commendation Medal
• Ms Helen Lee (Assistant Director, Registry System Unit, Customer Experience Division)

The Efficiency Medal
• Mr Koh Chan Poh (Manager, Administration Department, Corporate Services Division)

The Long Service Medal
• Mdm Rusiah Bte Yusoff (Officer, Registry Services Department, Customer Experience Division)

Visit the National Awards website

Reminder to terminate Deposit Service Account (DSA) by 1 Oct 2021

The DSA service in BizFile⁺ will be discontinued from 1 Oct 2021. Existing DSA holders are reminded to terminate their DSA before 1 Oct 2021. ACRA has made available a wide range of payment options such as credit and debit card, Paypal, Google Pay and Apple Pay for transactions on BizFile⁺ and ACRA iShop.

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