MOF proposes $100,000 fines for non-compliant CSPs

Penalties for breaches of obligations related to various registers will be increased.

The Ministry of Finance (MOF) and the Accounting and Corporate Regulatory Authority (ACRA) have introduced a new Corporate Service Providers (CSP) Bill and proposed legislative amendments, which include fines up to $100,000.

These amendments aim to enhance regulatory oversight and transparency in Singapore's corporate sector. 

Strengthening the regulatory framework for CSPs by mandating registration with ACRA for all entities offering corporate services in Singapore. 

The fines may be imposed on registered CSPs and their senior management for non-compliance related to anti-money laundering, proliferation of weapons of mass destruction, and terrorism financing.

ALSO READ: New bill boosts MAS' supervisory, investigative powers

Addressing the misuse of nominee directorship arrangements by restricting individuals from acting as nominee directors unless appointed by registered CSPs and deemed fit and proper.

Enhancing corporate transparency by requiring disclosure of nominee director and shareholder status, as well as the identities of nominators to ACRA. 

Penalties for breaches of obligations related to various registers will be increased.

The public can review the consultation documents on the REACH consultation portal, MOF website, and ACRA website. Public feedback is welcomed from 12 to 25 March.