Guidelines for Corporate Service Providers
The Guidelines for Registered Filing Agents (RFA) were first issued by ACRA on 8 Jun 2015 to help RFAs fulfil their obligations under the enhanced regulatory regime for corporate service providers, which was introduced in May 2015. The Guidelines have now been updated to better guide RFAs in complying with regulatory requirements.
In updating the Guidelines, feedback was sought from RFAs as well as professional bodies including the Chartered Secretaries Institute of Singapore, Institute of Singapore Chartered Accountants, The Law Society of Singapore, Association of International Accountants (Singapore Branch) and Institute of Company Accountants Singapore. The Guidelines also include updates related to findings gleaned from ACRA’s inspection of corporate service providers.
The key updates to the Guidelines include:
- Enhancing the guidance on risk assessments of RFAs, identifying beneficial owners and other customer due diligence (CDD) measures;
- Clarifying ACRA’s expectations with regard to deferred CDD, and timeliness with regard to the filing of suspicious transactions reports;
- Providing guidance notes in relation to the Internal Policies Procedures and Control (“IPPC”) (refer to Annex A), and explaining the requirement for RFAs to customise the IPPC according to the needs of their business operations;
- Updating of suspicious indicators related to anti-money laundering and countering financing of terrorism (AML/CFT) (refer to Annex B); and
- Simplifying the Customer Acceptance Form (refer to Annex C) to make it more user-friendly.
Please click here to download the updated guidelines