ACRA (Filing Agents and Qualified Individuals) Regulations 2015

Singapore’s Ministry of Finance issued Accounting and Corporate Regulatory Authority (Filing Agents and Qualified Individuals) Regulations, 2015, laying down the guidelines for using professional numbers and AML/CFT measures by registered filing agents and qualified individuals. The ACRA regulations mandate the registered filing agents in Singapore to design and implement necessary AML/CFT measures when the following transactions are conducted for a customer:

• forming corporations or other legal persons
• acting or arranging for another person to act as a director or secretary of a corporation or as a partner of a partnership or in a similar position in any other legal person
• providing a registered office, business address, correspondence or administrative address, or other related services for a partnership, corporation, or any other legal person
• acting or arranging any other person to act as a shareholder on behalf of any corporation (other than a listed company)

The regulations detail the AML/CFT measures that a registered filing agent must implement to identify potential ML/FT vulnerabilities and manage them effectively. The key AML/CFT obligations imposed upon a registered filing agent are:

• Developing Internal Policies, Procedures, and Controls (IPPC)
• applying adequate customer due diligence measures, including identification of the beneficial owners
• appointing an AML compliance Officer
• implementing AML audit functions
• AML training for the staff
• Maintaining adequate AML/CFT-related records

This regulation should be read with the ACRA-issued AML/CFT Guidelines for Registered Filing Agents.