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FROM the third quarter of this year, the Accounting and Corporate Regulatory Authority (Acra) has required corporate service providers to step up efforts to detect and combat money laundering and terrorist financing (“New rules for those doing statutory filing”; April 15).
They have to conduct due diligence and monitor customers and companies incorporated in Singapore.
They also have to train their staff to setup customer databanks and monitor companies’ activities – effectively becoming Acra’s eyes and ears.
There is also a need to implement and maintain an audit function to assess the effectiveness of the service provider ’s internal policies, procedures and documentation.
These measures are laudable as they enhance Singapore’s reputation as a safe place to do business.
However, Acra requires corporate service providers to register with it as filing agents or qualified individuals, and pay an annual registration fee.
Why is there a need for this fee, which adds to business costs? Aren’t the corporate service providers actually doing additional work on Acra’s behalf?
Lim Koon Book
The Straits Times, Tuesday, Aug 26, 2014, A23
They have to conduct due diligence and monitor customers and companies incorporated in Singapore.
They also have to train their staff to setup customer databanks and monitor companies’ activities – effectively becoming Acra’s eyes and ears.
There is also a need to implement and maintain an audit function to assess the effectiveness of the service provider ’s internal policies, procedures and documentation.
These measures are laudable as they enhance Singapore’s reputation as a safe place to do business.
However, Acra requires corporate service providers to register with it as filing agents or qualified individuals, and pay an annual registration fee.
Why is there a need for this fee, which adds to business costs? Aren’t the corporate service providers actually doing additional work on Acra’s behalf?
Lim Koon Book
The Straits Times, Tuesday, Aug 26, 2014, A23
