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Accounting and Corporate Regulatory Authority
Summary of Response

Summary of Responses to Public Consultations on Proposed Amendments relating to Singapore's Regulatory Regime for CSPs and Enhancing Transparency of Beneficial Ownership of Companies and Limited Liability Partnerships

Topic

Corporate Law

Corporate Service Providers (CSP) Act

3 November 2024

View ACRA's official response to public feedback on proposals to the regulatory regime for CSPs and enhance the transparency of beneficial ownership of businesses.

Detailed description

  1. The Accounting and Corporate Regulatory Authority (ACRA) invited the public to provide feedback on the proposed amendments relating to Singapore’s regulatory regime for Corporate Service Providers (CSPs) and enhancing the transparency of beneficial ownership of companies and limited liability partnerships1.

  2. The key feedback received on the following proposals, and ACRA’s responses to the feedback, are set out in the Annex: 

    1. Persons and entities who are required to register under the new Corporate Service Providers Bill (CSP Bill).

    2. Increase in penalties for Anti-Money Laundering/ Countering the Financing of Terrorism (AML/CFT)-related breaches by CSPs, Registered Filing Agents and Registered Qualified Individuals

    3. Requirement for CSPs to ensure that nominee directors they appoint are fit and proper, and satisfy prescribed requirements.

    4. Requirement for nominee directors and shareholders to disclose their nominee status and the identities of their nominators to ACRA.

    5. Increase in penalties pertaining to the Register of Controllers and Register of Nominee Directors. 

  3. ACRA would like to thank all respondents who have provided their feedback to the public consultations.

1 For more details and the public consultation documents, please refer to Public Consultation on Proposed Legislative Amendments Relating to Singapore's Regulatory Regime for Corporate Service Providers and Public Consultation on Proposed Legislative Amendments Relating to Data, Digitalisation and Corporate Transparency for a Trusted and Vibrant Business Environment in Singapore.

Annex

ACRA’s responses to key feedback on the proposed amendments to Singapore’s regulatory regime for Corporate Service Providers and to enhance beneficial ownership transparency [PDF, 146 KB]


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