An enhanced regulatory framework for corporate service providers to combat money laundering and terrorism financing will take effect from May 15, says the Accounting and Corporate Regulatory Authority.

An enhanced regulatory framework for corporate service providers (CSPs) to combat money laundering and terrorism financing will take effect from May 15.

The strengthened regime for CSPs will help to further boost Singapore’s reputation as a trusted international financial and business centre with robust regulatory frameworks against money laundering and terrorism financing, the Accounting and Corporate Regulatory Authority (Acra) said in a press release.

The enhancement will also raise the professional standards of the CSP sector.

The requirements of the new regime are aligned with recommendations issued by the Financial Action Task Force, the global standard setter for anti-money laundering and counter terrorism financing.

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