Singapore CSP Registration Framework: Enhancing Transparency And Compliance

In line with continued enhancements to its regulatory framework and recent efforts to combat financial crime, Singapore is introducing a registration system for Corporate Service Providers ("CSP").

With the passing by Parliament of the Corporate Service Providers Bill ("CSP Bill") and the Companies and Limited Liability Partnerships (Miscellaneous Amendments) Bill ("CLLPMA Bill") on 2 July 2024, Singapore is reinforcing its Anti-Money Laundering ("AML") regime and increasing transparency around the beneficial ownership of companies and legal persons, in accordance with Financial Action Task Force ("FATF") standards.

Key Requirements of the CSP Bill

Among the new requirements under the CSP Bill, all business entities providing corporate services (which includes forming any corporation, arranging for a person to act as a director or secretary of a corporation and providing a registered address for a corporation) in and from Singapore must register as CSPs with