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Latest news from ACRA

We bring to you from time to time latest news and announcements published by ACRA to keep you abreast of the latest developments:

On 2 July 2024, as part of the Ministry of Finance’s (MOF) and ACRA’s regular review of legislation administered by ACRA, the Corporate Service Providers (CSP) Bill and the Companies and Limited Liability Partnerships (Miscellaneous Amendments) (CLLPMA) Bill ACRA were passed by Parliament.

The legislative amendments introduce the following key changes:

1. Require all business entities carrying on a business of providing corporate services in and from Singapore to register with ACRA as registered CSPs; A person who breaches this requirement may be fined up to S$50,000 or jailed up to 2 years or both and in the case of a continuing offence, be subjected to a further fine of up to S$2,500 for every day or part of a day during which the offence continues after conviction.
2. Require all registered CSPs to comply with obligations, including those on anti-money laundering, countering the financing of terrorism and the proliferation of weapons of mass destruction (AML/ CFT/ PF obligations);
3. Introduce fines for breaches of AML/ CFT/ PF obligations by registered CSPs and their senior management such as increasing the financial penalty of S$25,000 to S$100,000 for each breach for non-compliance by CSPs and a fine of up to S$100,000 for Senior Management for each breach;
4. All nominee directorship appointments are to be arranged by registered CSPs and they have been assessed as fit and proper by the registered CSPs; Failure of which a registered CSP may be fined up to S$100,000.
5. Require nominee directors’ and nominee shareholders’ nominee status and the identities of their nominators to be disclosed to ACRA which will be made public (identity of the nominators shall not be made public); and
6. Increase fines from the present S$5,000 to S$25,000 pertaining to the register of registrable controllers, register of nominee directors and register of nominee shareholders to enhance the accuracy.
7. Companies and LLPs are required to verify and update their controller’s information on an annual basis.