The New Law on Corporate Service Providers and Money Laundering

The recent amendments introduced by the Ministry of Finance and ACRA (Accounting and Corporate Regulatory Authority) to combat money laundering and terrorist financing in Singapore mark a significant step forward in safeguarding our financial ecosystem.
These new regulations, which enhance the due diligence and compliance requirements for corporate service providers (CSPs), underscore the critical role these entities play in the global fight against illicit financial activities.
By mandating stricter verification processes and greater transparency, Singapore continues to fortify its reputation as a robust and secure financial hub.
For businesses, this means adapting to more rigorous checks and maintaining meticulous records. It’s an essential move to ensure that Singapore remains a trusted jurisdiction for legitimate business activities while closing the gaps that allow illicit funds to flow.
As professionals navigating this landscape, it’s imperative that we stay informed and compliant with these new standards.
This isn’t just about regulatory adherence; it’s about contributing to the integrity and stability of our financial system.
Let’s embrace these changes and work collectively to uphold the values of transparency and accountability.
If you need help, feel free to contact us at :
(M) +65 90880669
Written by Kelvin Loh