KYC Checklist for Singapore Global Account Setup
Opening a Global Account for a business registered in Singapore requires completing a Know Your Customer (KYC) verification process. KYC, mandated by regulators, ensures that financial services are provided responsibly by verifying and maintaining information about businesses and connected individuals.
Below is a detailed guide to the required documents and guidelines:
1. Required Documents
For Singapore Company Accounts
Prepare the following documents:
Partnership Disclosure & Declaration Form (if applicable).
Ownership Structure Chart (if applicable).
Authorisation Letter Template (if applicable).
Financial Institution Onboarding Questionnaire (if applicable).
Live Streaming Questionnaire (if applicable).
Online Marketplace Onboarding Questionnaire (if applicable).
Source of Wealth Attestation (if applicable).
ID of Ultimate Beneficial Owner (UBO) (if applicable).
ID of Authorised Person (if applicable).
Individual Address Proof (if applicable).
File Submission Guidelines
Ensure all documents are clear and readable.
File size must not exceed 10MB.
Accepted formats: PDF, Word, JPG, JPEG, PNG, BMP.
2. Company Information
Partnership Disclosure & Declaration Form
For partnerships, submit a partnership disclosure and declaration form that clearly states each partner’s capital contribution percentage.
Ownership Structure Chart
A shareholder register or ownership diagram meeting the following requirements:
Include full legal name and shareholding percentage of UBOs (Ultimate Beneficial Owner - individuals holding 25% or more ownership or voting rights).
Provide the registration country and shareholding percentage of intermediary shareholding entities.
If there are no UBOs, declare this in the shareholding register and provide information on the key controller.
Ensure the document is signed and dated by a director, with their printed name included (handwritten or electronic signatures like DocuSign and Adobe Sign are acceptable).
Ensure the document is signed within the last 12 months and is unaltered.
Sample Ownership Structure Chart:
3. Industry-Specific Questionnaires
Live Streaming Questionnaire
If you operate a live-streaming business, please complete the following questionnaire to comply with Airwallex's internal compliance requirements.
Online Marketplace Onboarding Questionnaire
If you operate an online marketplace business, please complete the following questionnaire to comply with Airwallex's internal compliance requirements.
Financial Institution Onboarding Questionnaire
If the Global Account will process funds on behalf of underlying clients, please complete the following questionnaire and provide all requested supporting documents.
4. Authorisation Letter
If the applicant is not a legal representative, director, or UBO, submit a letter of authorisation stating they have the authority to act on behalf of the business.
The letter must be signed by a company director.
If your business has multiple legal entities registered across different countries/regions and would like to onboard them simultaneously, you can use the Global Authorisation Letter Template instead of submitting a separate template for each location.
If the applicant is a channel partner opening an account on behalf of clients, submit an Authorisation Letter for Channel Partners.
Note: Letter should be signed and dated by a director of the company.
5. Personal Information
Authorised Person
An authorised person is designated to act on behalf of the business.
Ultimate Beneficial Owner (UBO)
A UBO is:
An individual holding 25% or more of share capital; or
An individual exercising 25% or more of voting rights; or
An individual excercising ultimate control over the management of the corporation.
Personal ID Requirements
Provide government-issued photo ID for both the Authorised Person and UBO:
Accepted IDs: Passport, National ID, or Driver’s License.
Examples of Valid IDs
1. Passport - All Countries
Sample:
2. National ID - e.g. Singapore National registration Identification card (NRIC)
Sample:
Sample Hong Kong Permanent Identity Card:
Sample Chinese Resident Identity Card:
Sample Malaysia National Registration Identity Card (MyKad):
Sample Singapore driving License:
6. Individual Address Proof
Address proof is required for both UBO and PPTA. If the UBO or Authorised Person is not a director, provide address proof.
Accepted Proof of Address Documents:
Singapore National Registration Identity Card (SG NRIC) containing address.
Bank statement.
Utility bill.
Current lease agreement
Resident Permit.
Written declaration from the ID holder that the address on the Passport/ID is their current residential address
Requirements for Address Proof:
Must be issued within the last 3 months (bank statements and utility bills).
Must clearly display name and address.
Document must not be cropped or blurry.