Singapore is preparing a new anti-money laundering (AML) regime focusing on the regulation of nominee directors.

A new Corporate Service Providers Bill expected to reach parliament in early 2024 will require all companies or individuals providing corporate secretarial services in and from Singapore to register with the regulator, without exception. It will also require all corporate service providers (CSPs) to apply a 'fit and proper' test to nominee directors if they hold more than a certain number of directorships.

Moreover, nominee directors and shareholders will have to disclose their nominee status and identify their nominators to the Accounting and Corporate Regulatory Authority (ACRA), which will make the information publicly available...