Corporate Service Providers Act 2024

Require all business entities carrying on a business of providing corporate services in and from Singapore to register with ACRA as registered CSPs

• To require companies and other business entities that carry on a business in Singapore of providing any corporate service to be registered as registered CSPs, even if they do not file transactions on behalf of their customers with ACRA.

• This requirement includes companies and other business entities that carry on a business in Singapore of providing the corporate service of carrying out any designated activity in relation to the provision of any accounting service.  

• Registered CSPs will be required to comply with AML/ CFT/ PF obligations. 

• A person who fails to be registered as a CSP is guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding two years or to both and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.

Currently, companies and other business entities that do not file transactions on behalf of their customers with ACRA are not required to be registered as registered filing agents (RFAs) and consequently are not subject to AML/ CFT/ PF obligations.

However, there is a regulatory gap as CSPs that are not RFAs may be engaged by customers to facilitate illicit activities. Therefore, the amendments will enhance the regulatory regime for all CSPs, level the playing field for all CSPs carrying on business in Singapore, and enable ACRA to take enforcement action against registered CSPs that breach AML/ CFT/ PF obligations.

Require all registered CSPs to comply with obligations, including AML/ CFT/ PF obligations

• To require registered CSPs to comply with obligations relating to PF, in addition to obligations relating to AML/ CFT. These obligations are prescribed in the Corporate Service Providers Regulations 2025.

• These obligations will be prescribed in subsidiary legislation.

The amendments will ensure consistency with the Financial Action Task Force’s (FATF) recommendations relating to AML/ CFT/ PF, and that registered CSPs comply with the requirements in the United Nations Act 2001.  

Introduce fines for breaches of AML/ CFT/ PF obligations by registered CSPs and their senior management 

• To impose criminal liability on registered CSPs and their senior management for breaches of AML/ CFT/ PF obligations.

• A registered CSP who breaches the AML/ CFT/ PF obligations is guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 for each breach.

• The senior management of a registered CSP who fails to ensure that the registered CSP complies with its AML/ CFT/ PF obligations is also guilty of an offence and liable on conviction to a fine not exceeding $100,000 for each breach.

The amendments will ensure that the maximum fines for breaches of AML/ CFT/ PF obligations by registered CSPs and their senior management are commensurate with the risks of money laundering, proliferation financing and terrorism financing in Singapore.

In addition, the new penalties are consistent with those for other designated non-financial businesses and professionals in Singapore. 

Prohibit persons from acting as nominee directors by way of business unless the appointments are arranged by registered CSPs and the proposed nominee directors have been assessed as fit and proper by the registered CSPs 

• A person must not by way of business, act as a nominee director of a company, unless the appointment of the person as a nominee director of the company is arranged by a registered CSP. A person who breaches this requirement is guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.

• A registered CSP must not arrange for a person to act as a nominee director of a company unless he is satisfied that the person is fit and proper. In determining whether the person is a fit and proper person, the registered CSP must take reasonable steps to satisfy himself that the person is not disqualified from acting as a director of a company under any written law, and consider other factors prescribed in subsidiary legislation. A registered CSP who breaches this requirement is guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000.

The amendments aim to prevent misuse of nominee directorship arrangements by way of business, in creating shell companies to facilitate money laundering. This situation is observed to be largely created by CSPs who arrange for unqualified individuals to act as nominee directors for their customers.

Registration period

One or two years

Two years

Registration fee

• RFA: $200 per year

• RQI: $100 per year

• CSP: $400 for two years

• RQI: $200 for two years

Qualifications

Meet fit and proper requirements

Meet fit and proper requirements

Additional RQI criteria:

• ISCA route: Must be an ISCA associate member for at least Two years before applying

• CSIS route: Must be an associate member or fellow of CSIS

Duties and responsibilities

Terms and conditions to apply measures to prevent:

• Money laundering (ML)

• Proliferation financing (PF)

• Terrorism financing (TF)

Breach consequences:

• Regulatory sanctions such as censure

• Restricted BizFile access

• Financial penalties

• Suspension or cancellation

Duties and responsibilities when:

• Arranging for others to act as nominee directors by way of business

• Preventing PF and TF

Offence consequences:

• Fine up to $100,000 for the registered CSP and its senior management

• ACRA may also impose regulatory sanctions

Subsidiary legislation

• Corporate Service Providers Regulations 2025

Compliance guidelines

• Guidelines for registered CSPs

Infographics

• Infographic on Key Highlights on Corporate Service Providers Act – What You Need To Know

Webinar

• ACRA hosted a series of webinar sessions on the Implementation of Corporate Service Providers Act on 15 and 30 April 2025.​

• This video features narrated presentation slides covering key topics discussed at the webinar.

• For reference, you may refer to the ACRA Webinar Presentation Slides [PDF, 874 KB].