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.
Click here for more frequently asked questions.
What is the mandatory training programme?
The AML/CFT mandatory training programme consists of a prescribed course and a prescribed proficiency test.
| Who needs to attend the course and pass the test? | Existing RFAs whose renewal are due on/after 15 Nov 2018 Attend prescribed course and pass test before renewal as a pre-condition New RFA applicants seeking registration from 15 Nov 2018 Attend prescribed course and pass test before registration as a pre-condition |
| Who in the RFA should attend the course and pass the test? | The course must be attended by any director or owner or partner of the RFA. The same person that attended the course must take the test. |
| Is there a need for everyone in the RFA to attend the course and pass the test? | To satisfy the requirements for registration and renewal, at least one director or owner or partner of the RFA must attend the course and pass the test. |
| Is there a requirement for the RQI(s) and employee(s) of the RFA to attend the course and pass the test? | There is no requirement for RQI(s) and employee(s) of RFAs to attend the course and pass the test but RFAs may choose to send them for this course and take the test if they wish to as part of an RFA’s training obligations for its RQI(s) and employee(s). |
| Is this a one-off requirement? | This is an ongoing requirement for registration as RFAs. RFAs must attend the course and pass the test at least once in every two years in order to renew their registration as filing agents. |
| Do I have to attend the course and pass the test before 15 Nov 2018 if my FA expiry is on 1 Apr 2019? | You may attend the course and pass the test any time before you submit your application for FA renewal that is due on 1 Apr 2019. |
Register for the AML/CFT Course
The following training providers are approved by ACRA:
- Chartered Secretaries Institute of Singapore (CSIS)
- Institute of Singapore Chartered Accountants (ISCA)
Course Information
| Course fee | $200.00 |
| Duration | 3.5 hours live webinar (Pre-course reading materials and bite sized e-learning modules to be completed before the live webinar) |
| Registration |
Register for the AML/CFT Proficiency Test
RFAs can take the proficiency test online after completing the AML/CFT Course
| Venue/Mode of test | Online |
|---|---|
| Test fee | $45.00 per attempt |
| Duration | 1 hour |
| Test format | 40 Multiple Choice Questions |
| Maximum attempts | Unlimited |
| How to register | Click here |
