As part of efforts to strengthen Singapore’s anti-money laundering regime, the Accounting and Corporate Regulatory Authority (“ACRA“) has introduced a number of legislative amendments to the corporate compliance framework, which were passed in Parliament on 2 July 2024: (i) the Corporate Service Providers Act; (ii) the Companies and Limited Liability Partnerships (Miscellaneous Amendments) Act; and (iii) the ACRA (Registry and Regulatory Enhancements) Act.
Among other changes, the Acts introduce new obligations and restrictions on corporate entities in relation to maintenance of registers, nominee directors and shareholders, and personal data filed with ACRA. The Acts have yet to come into force.
This Update highlights the key features of the Acts and the compliance measures therein, as well as the indicated timelines for implementation.
For more information, click here to read the full Legal Update.
