Verification, known as KYC or ‘Know your customer’, is a process that is required by regulators to offer financial services to organisations and individuals. It involves reviewing and maintaining information on parties that use our financial services.
Below, we have provided details on the documents that are required for organisations to open an account with Airwallex in Singapore.
As a Singapore Company account, you need to prepare the documents below:
- Partnership Agreement (if applicable)
- Ownership Structure Chart (if applicable)
- Authorisation Letter Template (if applicable)
- Financial Institution Onboarding Questionnaire (if applicable)
- ID of UBO (if applicable)
- ID of Authorised Person (if applicable)
- Individual Address Proof (if applicable)
Please ensure the image is clear and readable. The file shall not exceed over 10MB, limited to {PDF, Word, JPG, JPEG, PNG, BMP}
1. Company Information
Partnership Agreement
Click here to download the example of the partnership agreement
Ownership Structure Chart
We need more information to understand your shareholding structure. Please provide an equity or ownership chart.
Note: The following conditions need to be met:
1. Signed and dated by the director
2. Include all individuals who hold more than 25% of the shares or voting rights
3. Include shareholding ratio
4. Show the registered location of the shareholding entity
Click here to download the example of Ochart
Sample:
Authorisation Letter
If you are not a director of the business registered in Singapore, we require that you provide a letter stating you have the authority to act on behalf of the company.
Note: The letter should be signed by a director of your company.
Click here to download the Authorisation Letter Template
Financial Institution Onboarding Questionnaire
If your company is Financial Institution, please follow the guidelines to input the below Questionnaire:
Click here to download the Financial Institution Onboarding Questionnaire
2. Personal Information
Ultimate Beneficial Owner (UBO)
The "Ultimate Beneficial Owner" of a legal entity is thus:
- one who holds over 25% of share capital; or
- one who exercises over 25% of the voting rights.
Authorised Person
An Authorised Person is authorised to act on behalf of the business.
Personal ID
Please provide images for government-issued, official photo ID, such as passport, national ID.
Some valid ID examples are provided below:
1) Passport - All Countries
Please note: Passport photos need to be clear, with complete edges, unobstructed content, and no interference such as reflections. At the same time, it is recommended to lay the ID card flat and shoot vertically in a well-lit place
2) Personal ID - e.g. Singapore sample
Personal ID - e.g. HongKong sample
Personal ID - e.g. China sample
Individual Address Proof
If the authorised person is none of the directors of your entity, please provide the address proof of the authorised person.
The common acceptable address proof will be:
- Bank Statement
- Utility Bill
- Phone Bill (from Singtel, M1, Starhub or MyRepublic)
And they should be:
- Recent (less than 3 months old)
- Must show name and address
- Cannot be cropped or blurry