{"id":57180,"date":"2021-01-25T15:30:41","date_gmt":"2021-01-25T07:30:41","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/?p=57180"},"modified":"2026-06-12T18:27:03","modified_gmt":"2026-06-12T10:27:03","slug":"kyc-regulations-for-singapore-companies","status":"publish","type":"post","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/blog\/kyc-regulations-for-singapore-companies\/","title":{"rendered":"KYC Regulations for Singapore Companies"},"content":{"rendered":"<div class=\"wpb-content-wrapper\" id=\"wpb-content-root\"><p>[vc_row][vc_column][vc_column_text css=&#8221;&#8221;]<\/p>\n<h2>SG Company Incorporation: Guide to Know Your Customers (KYC) Regulations<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-57181 alignright\" title=\"KYC Regulations for Singapore Companies\" src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-content\/uploads\/2021\/01\/photo-kyc-regulations-for-singapore-companies-400x300-1.jpg\" alt=\"KYC Regulations for Singapore Companies\" width=\"400\" height=\"300\" srcset=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-content\/uploads\/2021\/01\/photo-kyc-regulations-for-singapore-companies-400x300-1.jpg 400w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-content\/uploads\/2021\/01\/photo-kyc-regulations-for-singapore-companies-400x300-1-300x225.jpg 300w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/> Since <strong><a title=\"Company Incorporation In Singapore\" href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/services\/company-setup\/singapore-company-incorporation-services\/\">company incorporation<\/a><\/strong> and registration in Singapore are convenient, there have been increasing cases of money laundering and financing terrorism. Some investors establish unusual business structures while shareholders conceal their transactions.<\/p>\n<p>That is why The Accounting and Corporate Regulatory Authority (ACRA), together with an international governing body called the Financial Action Task Force (FATF), issued a series of regulations to combat the issue. The objectives of this framework are to raise standards professionally and defend the financial system from ill-usage.<\/p>\n<p>&nbsp;<\/p>\n<h3>KYC Initial Requirements<\/h3>\n<p>Anyone intending to <strong><a title=\"AI-Powered Online Singapore Company Incorporation\" href=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/online-singapore-company-incorporation\/\">incorporate a company in Singapore<\/a><\/strong> must comply with the Know Your Customer (KYC) regulations to ensure that your identity is legit and transparent. Before the screening process, companies should provide the following:<\/p>\n<ul>\n<li>Identification proof (Valid IDs, Residence, Date of Birth, Nationality of shareholders and members of the beneficial owners)<\/li>\n<li>Copy Board of Directors\u2019 resolution<\/li>\n<li>Business profile copy<\/li>\n<li>Copy of the company\u2019s Memorandum and Articles of Association<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3>Screening Process<\/h3>\n<p>The corporate service provider would evaluate and identify your customers. They would check your background and recent transactions if:<\/p>\n<ul>\n<li>Hassle-free contact with existing clients<\/li>\n<li>Politically Exposed Persons (PEP) clients<\/li>\n<li>Unusual or complex company structure<\/li>\n<li>The clients tolerate unusual transactions.<\/li>\n<li>Avoidance with meetings<\/li>\n<li>If the capital is going in and out of the company\u2019s records<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3>Regular Monitoring and Record-Keeping<\/h3>\n<p>Once the requirements and essential documents are verified, corporate service providers should monitor the customer\u2019s transactions. This includes the evaluation of business history and risk profile if necessary. Agencies would observe the highest form of risks.<\/p>\n<p>In line with the monitoring, copies of information and supporting documents about the client identities shall be kept, including the term of the business relation, at least five years from the ceasing date.<\/p>\n<p>&nbsp;<\/p>\n<h3>Penalties for Non-compliance<\/h3>\n<p>The ACRA has the right to investigate a company if it failed to fulfil the KYC regulations, and the agency identifies a suspected break in the process. If specified for non-compliance, the corporate service provider would face penalties and cannot perform services. Moreover, the business establishment is heavily affected. This includes:<\/p>\n<ul>\n<li>Cancellation or suspension of the company registration with ACRA.<\/li>\n<li>Denial of access with ACRA\u2019s Bizfile business interface.<\/li>\n<li>The imposition of financial fines.<\/li>\n<li>Disruption of business operations.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3>Laws Introduced<\/h3>\n<p>Since KYC regulations in Singapore companies tackle illegal business transactions and non-compliance to the constitution, here are some laws related to the subject. Individuals or investors found guilty would receive the consequences of the following regulations. The penalty and specifications may vary on the pieces of evidence gathered.<\/p>\n<ul>\n<li>The ACRA Act and Singapore Company Constitution.<\/li>\n<li>The Corruption, Drug Trafficking, and <a title=\"Corruption, Drug Trafficking and Other Serious Crimes\" href=\"https:\/\/sso.agc.gov.sg\/Act\/CDTOSCCBA1992\" target=\"_blank\" rel=\"noopener\">Serious Crimes Act<\/a>.<\/li>\n<li>The Terrorism Act.<\/li>\n<li>Other legislation related to arrest of money laundering or funding of terrorism.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-57185 aligncenter\" title=\"KYC Regulations for Singapore Companies\" src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-content\/uploads\/2021\/01\/photo-kyc-regulations-for-singapore-companies-700x445-1.jpg\" alt=\"KYC Regulations for Singapore Companies\" width=\"700\" height=\"445\" srcset=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-content\/uploads\/2021\/01\/photo-kyc-regulations-for-singapore-companies-700x445-1.jpg 700w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-content\/uploads\/2021\/01\/photo-kyc-regulations-for-singapore-companies-700x445-1-300x191.jpg 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/p>\n<p>&nbsp;<\/p>\n<h3>Incorporate Your Business in Singapore<\/h3>\n<p>Despite being globally known as the leading destination for business establishments and corporations, Singapore has to deal with insulting owners and opportunists of its company constitution. Fortunately, organizations and government bodies impose enhanced frameworks to ensure the identities of the investors.<\/p>\n<p>Therefore, business people should choose their corporate service providers thoroughly. It would be most successful in being led by the premier provider of business services if you want a company incorporated in Singapore. Moreover, 3E\u2019s Accounting is a team of qualified professionals that would ensure your establishment\u2019s transparency and proper compliance. The team would take care of your company\u2019s registration and the post-establishment process.[\/vc_column_text][\/vc_column][\/vc_row][vc_row row_title=&#8221;Author Card&#8221;][vc_column][vc_row_inner css=&#8221;.vc_custom_1730870221717{background-color: #126742 !important;border-radius: 5px !important;border-color: #EEEEEE !important;}&#8221;][vc_column_inner][vc_column_text css=&#8221;&#8221;]<\/p>\n<div style=\"width: 100%; text-align: left; padding: 9px; border-radius: 24px; background: transparent;\"><!-- Author Box --><\/p>\n<div style=\"display: flex; align-items: center; margin-bottom: 0px; width: 100%;\">\n<p><img decoding=\"async\" style=\"width: 96px; height: 96px; border-radius: 50%; flex-shrink: 0; margin-right: 15px; border: 2px solid #ffffff;\" src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-content\/uploads\/2024\/04\/Abigail-Yu.png\" alt=\"Abigail Yu\" \/><\/p>\n<div style=\"flex: 1;\">\n<p style=\"margin: 0; font-size: 32px; font-weight: bold; color: #ffffff;\">Abigail Yu<\/p>\n<p style=\"margin: 0px 0; font-size: 14px; color: #ffffff;\">Author<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p style=\"color: white; text-align: left;\">Abigail Yu oversees executive leadership at 3E Accounting Group, leading operations, IT solutions, public relations, and digital marketing to drive business success. She holds an honors degree in Communication and New Media from the National University of Singapore and is highly skilled in crisis management, financial communication, and corporate communications.<\/p>\n<p>[\/vc_column_text][vc_btn title=&#8221;Connect Now&#8221; style=&#8221;flat&#8221; color=&#8221;white&#8221; align=&#8221;left&#8221; css=&#8221;.vc_custom_1761909145069{padding-bottom: 20px !important;}&#8221; link=&#8221;url:https%3A%2F%2Fwww.linkedin.com%2Fin%2Fabigail-yu%2F&#8221;][\/vc_column_inner][\/vc_row_inner][vc_empty_space][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text css=&#8221;&#8221;] SG Company Incorporation: Guide to Know Your Customers (KYC) Regulations Since company incorporation and registration in Singapore are convenient, there have been increasing cases of money laundering and financing terrorism. Some investors establish unusual business structures while shareholders conceal their transactions. That is why The Accounting and Corporate Regulatory Authority (ACRA), together with&hellip;<\/p>\n","protected":false},"author":57,"featured_media":57181,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-57180","post","type-post","status-publish","format-standard","has-post-thumbnail","category-blog","category-15","description-off"],"_links":{"self":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/posts\/57180","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/comments?post=57180"}],"version-history":[{"count":2,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/posts\/57180\/revisions"}],"predecessor-version":[{"id":106437,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/posts\/57180\/revisions\/106437"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/media\/57181"}],"wp:attachment":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/media?parent=57180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/categories?post=57180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/tags?post=57180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}