CATEGORY: NEWS AND ANNOUNCEMENTS
9 May 2025
The CSP Act and CSP Regulations, which provide further details on the requirements under the CSP Act, will come into effect on 9 June 2025.
The key proposals are as follows:
All business entities carrying on a business of providing corporate services1 in and from Singapore need to register with ACRA as registered CSPs;
All registered CSPs will need to comply with obligations under the CSP Act and CSP Regulations, including those on anti-money laundering, countering the financing of the proliferation of weapons of mass destruction and terrorism financing (AML/ CPF/ CFT obligations);
Persons acting as nominee directors by way of business will need to be arranged by registered CSPs, after they have been assessed as fit and proper by the registered CSPs; and
- Fines will be introduced for breaches of AML/ CPF/ CFT obligations by registered CSPs and their senior management.
For more information, please click here.
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1 These corporate services include forming of corporations on behalf of other persons; acting or arranging for other persons to act as directors or nominee shareholders; providing registered office or business addresses; carrying out designated activities in relation to the provision of accounting services; and carrying out transactions with ACRA on behalf of other persons or as a secretary of a company by way of business.