The Companies and Limited Liability Partnerships (Miscellaneous Amendments) Act 2024 enhances disclosures of beneficial owenrship of corporate entities and prevents abuse of nominee arrangemens to strengthen Singapore’s anti-money laundering regime.
In brief
The Companies and Limited Liability Partnerships (Miscellaneous Amendments) Act 2024 amended, from 16 June 2025, the Companies Act 1967 (CA) and the Limited Liability Partnerships Act 2005 along with related regulations, to address the risk of misuse of nominee arrangements — an area identified as vulnerable to abuse and potentially the cause of illicit activities.
These amendments enhance Singapore’s anti-money laundering regime to:
- Align disclosure requirements in the statutory registers of controllers, nominee directors and shareholders with the latest Financial Action Task Force standards
- Prevent relevant individuals from being inadvertently excluded from required disclosures
- Increase transparency of nominee arrangements and ensure timeliness of disclosure and that the disclosed information continues to be kept accurate and updated.
These measures complement the Corporate Service Providers Act 2024 and the Corporate Service Providers Regulations 2025 (“CSP Regulations“), which, from 9 June 2025, also amended the CA. Together with the CSP Regulations, they prohibit individuals from acting as nominee directors by way of business unless the arrangement is made through a corporate service provider and the individuals meet the fit and proper requirements (see our Alert: Custodial sentencing for professional directors’ breach of statutory duty of reasonable diligence).
We set out below a summary of the changes, the required compliance with the enhanced standards, and the new timelines and penalties.
Click here to read the full alert.
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