Corporate Service Providers Bill

The Corporate Service Providers Bill seeks to establish a regulatory framework for corporate service providers in Singapore. Important points include:

• The bill mandates that individuals and corporate entities providing corporate services must be registered, ensuring compliance with regulations aimed at preventing money laundering and terrorism financing.
• There are provisions for the registration and operational criteria for both corporate service providers and qualified individuals, including requirements for training and the need for a fit and proper person to oversee operations.
• Regulatory actions, including cancellation or suspension of registration, can be taken against non-compliant providers or individuals, with a structured appeals process available to address disputes regarding decisions made by the Registrar.
• The bill includes penalties for providing false information and outlines the legal responsibilities of registered entities, including duties to maintain records and ensure all services are conducted by qualified personnel.
• It incorporates consequential amendments to existing laws and sets forth transitional provisions for individuals and businesses already engaged in corporate services before the enactment of this bill.