On 11th May, the Straits Times reported that CSP will soon have to take a new mandatory training and proficiency test aimed at boosting professional standards in the industry and Singapore’s reputation as an international financial and business hub. From 15th November, CSP seeking to be registered as filing agents (RFA) with the Accounting and Corporate Regulatory Authority (Acra) will need to undergo the test before being allowed to register or renew their registrations. The new training programme is part of ongoing efforts to strengthen the CSP sector’s resilience to illicit activities such as money laundering and terrorism financing. New applicants seeking to be a RFA, as well as existing RFA, have to complete the mandatory training and take the online proficiency test. The majority of existing RFAs registered with Acra will have until April 2019 to complete the training and take the test as they will only need to renew their registration in April 2019.
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