386AM. Power to enforce

Question 1

386AM. Power to enforce

Answer 1

General overview
[386AM.01] Section 386AM provides that only the registrar or an officer of ACRA may access the company’s or foreign company’s register of controllers and register of nominee directors.

Question 2

Right of inspection

Answer 2

[386AM.02] Subsection (1)(a), (b) and (c) provides that the registrar or officer of ACRA shall have the right to inspect, examine and make copies of the registers and any documents so produced; and make such enquiries as may be necessary to ascertain if the provisions of Part XIA of the Act have been complied with. Section 386AM is in addition to any right of inspection under s 396A.

Question 3

Public agency

Answer 3

[386AM.03] The registrar’s or any officer’s powers under this section may be delegated to a public agency, which is defined in subsection (6) as a public officer, an Organ of State or department of the government, or a public authority established by or under any public Act for a public purpose or a member, an officer or an employee, or any department thereof: s 386AM(3).

Question 4

Access to financial institutions

Answer 4

[386AM.04] It was debated in Parliament whether certain categories of private institutions such as financial institutions should have access to the register, so as to facilitate their due diligence when granting loans or credit facilities to their customers. This may be necessary as an ex ante mechanism to combat any anti-money laundering or terrorism financing activities. However, this suggestion was not adopted in Act No 15 of 2017: see Singapore Parliamentary Debates, Official Report, 13th Parliament, 1st Session, Vol 94, No 43 on the Companies (Amendment) Bill.