Mandatory Training and Proficiency Test requirements for Registered Filing Agents
From 15 November 2018, anyone seeking to register or renew his/her registration as a Registered Filing Agent (RFA) will be required to complete a mandatory training programme which comprises a prescribed Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) course and an AML/CFT Proficiency Test prior to the application. The programme aims to ensure that RFAs are well-equipped to comply with AML/CFT regulations through continuous education.
RFAs have to fulfil the new requirements once every two years as a pre-condition of their renewal. Existing RFAs will have a one-year lead time or before their next renewal to fulfil the new training requirements. The course and test under the training programme are prescribed under regulations 5A and 5B of the Accounting and Corporate Regulatory Authority (Filing Agents and Qualified Individuals) Regulations 2015.
In response to industry feedback, the training programme is jointly developed by ACRA, the Chartered Secretaries Institute of Singapore (CSIS) and the Institute of Singapore Chartered Accountants (ISCA). The half-day course will be conducted by CSIS and ISCA at a fee of $200, while the online test will be administered by ACRA at a fee of $45 per attempt. All fees are charged on a cost recovery basis.
RFAs can sign up for the course via CSIS’ or ISCA’s website according to the schedules provided on their websites. At least one director or owner or partner of the RFA must attend the course. Upon completion of the course, RFAs will have to pass the online proficiency test. There is no limit on the number of attempts to pass the test. (Source from ACRA website)