Accounting, Corporate Secretarial & Tax Services in Singapore

PL Biz Consulting Pte Ltd is a Singapore-incorporated professional services firm that provides Accounting, Corporate Secretarial Services, GST, Income Tax, and Payroll Services in Singapore.

Our primary focus is on delivering the best possible services every time and building long-term relationships with our esteemed clients.

 

 

The firm was founded in 2007 and is currently headquartered at 175A Bencoolen Street (Burlington Square), strategically located within Singapore’s vibrant and dynamic Central Business District. We are proud to serve our clients from all over Singapore and also throughout South East Asia, with any services that they may need.

 

 

We look forward to being of service to you:-

PL Biz Consulting Pte Ltd
175A Bencoolen Street
#07-02 Burlington Square
Singapore 189650

 

Tel: 6635 1689
Email: enquiry@pl-bizconsulting.com

 

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ACRA Cancels Registration of Filing Agent and Qualified Individual for AML/CFT Breaches

The Accounting and Corporate Regulatory Authority (ACRA) had cancelled the registrations of filing agent (RFA) and qualified individual (RQI) on 18 January 2024. The registrations were cancelled in view of breaches of anti-money laundering and countering the financing of terrorism (AML/CFT) controls under the ACRA (Filing Agents and Qualified Individuals) Regulations 2015 (the “ACRA Regulations”).

Some of the basic AMT/CFT controls that a RFA and RQI are required to exercise are as follows:

(a) perform additional customer due diligence measures when a customer is not physically present during onboarding;

(b) inquiring if there exists any beneficial owner in relation to some of its customers; and

(c) perform risk assessments i

RQIs and RFAs provide corporate secretarial services for business entities, such as helping customers to incorporate companies, file annual returns and fulfil other filing requirements under the Companies Act 1967 or other Acts under ACRA’s purview. RQIs and RFAs are required to perform customer due diligence measures in accordance with the ACRA Regulations, and conduct their business in such a manner as to guard against the facilitation of money laundering and the financing of terrorism. RQIs and RFAs must also satisfy statutory requirements such as being fit and proper persons, to be registered or continue to be registered.

RQIs and RFAs who breach their statutory obligations may be subject to enforcement actions, such as financial penalties of up to $10,000 or $25,000 per breach respectively or have their registrations with ACRA suspended or cancelled.

Therefore, RQIs and RFAs play an important role in helping to detect and combat illicit activities.

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