Identifying Registrable Controllers and Maintaining RORC Information | AML Singapore

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Maintaining the Register of Registrable Controllers or RORC is a crucial requirement for Companies, Foreign Companies, and Limited Liability Partnerships that comply with Anti-Money Laundering and Countering Financing of Terrorism or AML/CFT guidelines laid down by the Accounting and Corporate Regulatory Authority or ACRA.

In this video, we’ll break down exactly what needs to be known about the identification of Registrable Controllers and the maintenance of RORC information in Singapore.

Qualifications of a Registrable Controller

A controller is someone, either an individual or a legal entity, who holds a significant interest in or exercises significant control over a company, including a foreign company and LLP. In the case of a company with share capital, significant interest means:

An individual or legal entity that holds an interest in more than 25% of the company’s shares or

An individual or legal entity that holds shares granting more than 25% of the total voting power in the company.

In the case of a company without share capital,

An individual or legal entity that has the right to share in more than 25% of the company’s capital or profits

For Example,

In the case of Company X, Person A holds 30% of the company shares, and Person B holds a 40% share interest. Since each owns more than 25% of the shares in the company, they qualify as registrable controllers. Their details must, therefore, be recorded in the company’s register of registrable controllers.

Thus, an individual or legal entity that meets any of the before-mentioned criteria has significant interest in or significant control over the company and is, therefore, a controller.

When it comes to indirect holding, companies need to look beyond direct ownership. It's important to analyse situations where an individual or legal entity might not directly hold these rights but still exercises control indirectly through another legal entity or a chain of entities.

Taking Reasonable Measures to Identify Beneficial Owners

Companies, foreign companies, and LLPs must take reasonable steps to identify their beneficial owners, such as:

Sending notices to individuals or entities identified as registrable controllers.

Sending notices to those who may know or are likely to know the identity of a registrable controller.

Where to Maintain the RORC

The RORC should be maintained at either the company’s registered office address or the registered address of its appointed Registered Filing Agent.

Information to be included in the RORC

The information visible on your screen is a list of particulars that must be included in the RORC, depending on whether the controller is an individual or a corporate entity.

Conclusion

Maintaining an accurate and up-to-date Register of Registrable Controllers (RORC) is not just a regulatory requirement but also a crucial step in ensuring transparency in Singapore's corporate landscape.

If you like this video, then be sure to subscribe to this channel and share this video with your friends and colleagues who want to learn more about maintaining a Register of Registrable Controllers.

Timestamps
0:00 Introduction on Identifying Registrable Controllers and Maintaining RORC Information
0:37 Qualifications of a Registrable Controller
2:09 Taking Reasonable Measures to Identify Beneficial Owners
2:29 Where to Maintain the RORC
2:39 Information to be included in the RORC
2:51 Conclusion

#AMLSingapore #RORC #AMLcompliance #AMLCFT #ACRA #beneficialowners