New Training Programme to Raise Professional Standards of the Corporate Service Provider Sector

To further reduce the vulnerability of Corporate service providers (CSPs) to illicit activities such as money laundering and terrorism financing, CSPs will in the near future, have to undergo a new training programme. This new initiative by the Accounting and Corporate Regulatory Authority (ACRA) comes just a year after new regulations were introduced to the CSP sector which required the registration of CSPs with ACRA as Registered Filing Agents and Qualified Individuals. This was announced by ACRA’s Chief Executive Mr Kenneth Yap at the inaugural CSP Conference attended by over 400 CSPs on 31 May 2016.

In addition, Mr Yap also announced that ACRA will be issuing the first set of interpretations of specific legislative provisions known as Registrar’s Interpretation (“RI”). The RIs provide ACRA’s interpretation of how specific provisions are to be applied in practice. While not legally binding, they help to provide practical solutions for non-contentious issues facing lawyers and CSPs without the need to clarify the law through litigation in court.

Please download the press release ↗ (opens in new tab) (PDF, 349KB) for more information.