Singapore’s New Anti-Money Laundering Measures Targeting Nominee Directors

In Singapore, a new regime to combat money laundering is being prepared, which will affect the sphere of nominee directors. Nominee directors are individuals who hold positions in companies but do not actively participate in management. According to the proposed bill, all companies and individuals providing corporate secretarial services in Singapore or beyond will be required to register with the regulator.

Additionally, the document includes mandatory suitability checks for all providers of corporate services, especially if they hold a certain number of directorships. This measure aims to prevent abuse and prevent the potential misuse of companies for money laundering purposes.

The new bill also mandates the disclosure of information about the nominee director’s status and the identification of their nominators to the Accounting and Corporate Regulatory Authority. This information will be made publicly available, enhancing transparency in corporate governance and streamlining the process of monitoring nominee director activities.

Currently, nominee directors and shareholders are only required to disclose information to their companies, with this information stored in a confidential register of nominee directors. However, the new bill seeks to strengthen measures to combat financial crimes and ensure more effective regulation in Singapore’s corporate sector.

Our team is always ready to provide high-quality advice and help in solving any tasks you set. Subscribe to our pages on social networks. If you have any questions, want to order services or consultations from us, then follow this link or write to us on WhatsApp/Viber/Telegram +380 98 363 6493 or call us.