Opening Address by Mrs Chia-Tern Huey Min, ACRA Chief Executive at the CSIS 11th Corporate Service Providers Conference 2026 on 13 July 2026

Distinguished guests,
Ladies and Gentlemen,

Welcome and Introduction

1.       Good morning. It is my pleasure to join you again at the CSP Conference. I would like to thank CSIS for organising this annual event that has, over the years, provided a good platform for chartered secretaries and corporate service providers to come together to share views and exchange ideas.

2.       This year's theme, "The Future of Corporate Services in the Age of AI and Compliance", is a timely one. AI is reshaping how businesses operate, and the corporate services sector is no exception. AI brings opportunities to the sector, such as enabling you to serve your clients with greater efficiency. But it also brings new risks – AI makes financial crime more sophisticated and harder to detect. This raises the bar for what it means to be a vigilant gatekeeper like yourselves. Still, for all that AI can do, it will not be able to replace the professional judgement, accountability and integrity that a human bring.

3.       Let’s talk about how can Singapore then, and the corporate services sector in particular, thrive with AI?

Singapore as an Innovative, Pro-Business and Trusted Hub in the Age of AI

4.       Singapore's reputation as a business hub rests on something simple but hard-earned. Our value proposition lies in being a trusted hub where businesses can be set up and operate with ease, in an environment where rules are clear, respected, and enforced.

5.       Where we are today did not just happen on its own. It has taken sustained, collective efforts: from regulators, from professionals like yourselves making judgement calls every day, and from businesses that choose to operate here with integrity.

6.       AI is now reshaping both sides of that equation. According to McKinsey's 2025 Global Survey on AI, 88% of organisations globally have adopted AI in at least one business function, up from 78% the year before. McKinsey’s 2024 survey also found that high-performing organisations are significantly more likely to deploy AI in risk, legal, and compliance functions. In fact, they are more than three times as likely to be using it for things like processing accounting documents and risk assessment.  

7.       For CSPs, there are many opportunities. Tasks that once took hours can now take minutes. Some firms are already using AI to streamline client onboarding, prepare corporate documents, monitor filing deadlines, and maintain digital statutory records. It is encouraging to already see these play out across the sector. Today, CSPs are putting AI to work. Agentic AI tools are being piloted to streamline compliance work: from AGM planning and document management to compliance checks and regulatory filing.

8.       But there are new risks as well. CSPs need to be alert to the fact that bad actors are also using AI and using it to defeat the checks that CSPs rely on. We are seeing AI-enabled financial crime: synthetic identities, falsified documents that look authentic, and illicit flows that are harder to detect and trace. What AI puts in your hands to work faster, it does the same for bad actors. Today, the question is not whether to use AI or understanding the merits and risks of AI; the question is also one of appreciating the risks of not using AI.  

9.       As AI becomes more deeply embedded in the way firms operate, CSPs will need to build new capabilities and rethink how they deliver their services. AI can automate routine manual work, but it cannot replace professional judgment and decision-making – tasks that rely on the experience and keen eyes of professionals like yourselves.

a. For instance, current AI models are still unable to consistently distinguish whether a person shown on video is indeed a human or a photorealistic deepfake. Their effectiveness declines when they encounter sophisticated or unfamiliar manipulation techniques. In such cases, a human observer remains essential – to evaluate context, corroborate evidence, and exercise the kind of judgement that AI cannot replicate.

10.     Therefore, as we embrace AI while upholding high professional standards, we can help keep Singapore a trusted and competitive business hub in this AI-enabled world.

11.     What does this look like in practice. Take a CSP managing a portfolio of clients in Singapore, charged with compliance obligations and faced with a tight labour market. That firm deploys AI to automate Know-Your-Customer (KYC) screenings and document reviews. What previously took a team member the better part of a day now takes a fraction of that time. At the outset, the same team can take on more clients without adding headcount. But more importantly, this team can now focus its efforts on tasks that require a human touch – understanding and verifying a client's business, navigating complex situations, and providing sound, commercially and legally rational advice to your clients.

12.     AI is not here to replace what you do. It is here to take the routine off your plate, and free you up for the work that matters. The kind of work that clients come to you for. Later today, you will hear directly from CSPs who are already putting AI to work – their experiences, use cases, and what they have learned along the way. I look forward to these conversations.

FATF 2025 – Raising the Bar on AML/CFT/CPF

13.     As mentioned earlier, AI makes your work more efficient, but it also makes financial crimes more sophisticated. AI is lowering the barrier for bad actors – enabling faster, more complex, and harder-to-detect illicit activity.

14.     As the landscape evolves, so do the risks, as well as the expectations placed on this sector. Singapore recently completed its Mutual Evaluation by the Financial Action Task Force, or FATF, and we are placed under "regular follow-up". That is the rating given to jurisdictions that have performed well. This reflects sustained, collective efforts across government and industry.

15.     The 5th round evaluation was a significant step up from previous rounds. Singapore was also the first international financial centre to be assessed under it. The FATF’s focus shifted to not just whether the right laws and rules are in place, but whether they are effective, whether the safeguards hold, and whether gatekeepers, like yourselves, are vigilant. These, in turn, tell us whether the system, as a whole, is effective at mitigating the risks associated with money laundering, terrorism financing and proliferation financing (or ML/TF/PF).  

16.     The FATF mutual evaluation report recognised that CSPs and accountants have performed well – the due diligence conducted at the point of incorporation, the ongoing monitoring of clients and transactions throughout the business relationship. These have all contributed directly to Singapore's standing as a trusted financial centre. To many of you here, these may be just your daily work. But to Singapore, it matters greatly in preventing bad actors from taking advantage of our financial system. And for that, you deserve the recognition.

17.     But the FATF has also highlighted areas where the government and industry can work together to further strengthen our defences against financial crimes.

a.    First, we need to ensure that our beneficial ownership (or BO) records are accurate and up to date.

b.    Second, we need to ensure that Suspicious Transactions are flagged promptly through Suspicious Transaction Reports (or STRs).

c.    Third, we need to sharpen our collective understanding of how complex structures can be misused for illicit purposes.

18.     In an AI-enabled environment, we cannot rule out bad actors increasingly using AI tools to conduct illicit activities.

a.    With AI, setting up complex structures that require the elaborate layering of legal persons and legal arrangements may now be easier and potentially at a greater scale.

b.    With these complex layers, it becomes easier to obscure the ultimate beneficial owner of entities.

19.   Therefore, we – the regulators and the industry – must also start to evolve. The role that CSPs, play, is more important than ever.

a.    Yes, we can use AI tools to help us in detecting anomalies, discovering patterns, and flagging obviously suspicious transactions.

b.    But an AI will not be able to make professional judgement as you can, for instance:

       i.     Does the complex ownership structure I am looking at make commercial or logical sense?

       ii.    Is this legitimate-looking transaction actually suspicious?

       iii.   Is the risk profile of this potential client higher than what the AI has initially classified them as?

       iv.   Is there reasonable suspicion to file an STR, even when the AI does not think so?

20.     The bar for us to keep up with bad actors will only keep rising. As such, it is important for us to stay current – keeping informed of new products and technologies that can potentially be misused, keeping abreast with emerging typologies domestically and internationally, and leveraging new technological tools that can ease routine work.

CSPs as AI-Ready Partners in Singapore's Future

21.     And that is why ACRA is committed to maintaining a close partnership with the CSP sector. By working together, we can better appreciate your operational challenges and hear your suggestions on improving existing systems and processes. This, in turn, helps us shape legislation and refine guidance for the industry. Above all, such collaborative partnerships allow us to share knowledge on emerging typologies and best practices and work together to put in place the safeguards needed to keep our business environment safe.

22.     We want to work more closely with you, to understand your needs, gain insights from your experience, and make sure our guidance reflect the realities you face every day.

23.     The CSP Advisory Panel is one way we are deepening that partnership. It is a standing platform where the sector can raise issues, share perspectives, and co-develop solutions that work in practice. We look forward to the Panel taking shape and to the conversations it will enable. It is our strong belief that when CSPs up your professional standards collectively, Singapore can become a more attractive place to do business.

Closing

24.     As we mark the 11th year of this conference, the CSP sector has come a long way: in professional standards, in regulatory maturity, and now in embracing the possibilities that technology brings. As you embrace what AI can do, I want to leave you with one thought: the value you bring as professionals has never been more important.

a.    AI can process, but it cannot judge. It can flag, but it cannot decide. It can assist, but it cannot be accountable.

b.    That is your role – and it is irreplaceable.

Use AI as a tool, but never let it substitute your judgement, your integrity, or your responsibility as gatekeepers of Singapore's business ecosystem.

25.    Thank you. I wish you a productive conference, and I look forward to the session ahead.