Why do I have to verify my identity on CardUp, and how do I do it?

Customer Due Diligence (CDD) is the provision laid down by the Monetary Authority of Singapore (MAS) as a measure to prevent money laundering through banks and financial institutions.

According to the MAS Notice PSN01 (Prevention of Money Laundering and Countering The Financing of Terrorism), regulated entities such as CardUp should follow the proper identification procedures for customers. One of the obligations stated as part of CDD is to perform Ongoing Due Diligence by updating existing users' information throughout their CardUp account ownership.

To keep your account and payments safe and secure, we need all our customers to re-verify their identities on their CardUp accounts.

What is happening?

• In line with the MAS Notice PSN01 introduced by the MAS, we have made it obligatory for ALL existing users to update their information. As such, we need all CardUp customers to go through the onboarding journey and re-verify their identities on our platform.

• This also protects your user identity and account, ensuring the security of your account and payments. Our processes are 100% compliant with the Personal Data Protection Act (PDPA), as part of a financial institution’s requirement to identify our users.

What do you need to do?

1. Log in to your CardUp account
   
   
2. On the dashboard, locate GET VERIFIED button on banner notification.

3. Verify your details through one of the methods below:

Verify with MyInfo (~ 1 minute)

• For valid SingPass holders, you do not have to submit your identity documents, but instead, just verify your account via our integration with MyInfo

Complete profile manually (~5 minutes)

• For non-SingPass holders, you can verify your identity by going through a few simple steps on your Profile page. Learn more here.

(For business customers) How do I verify my company details?

1. Toggle onto the 'Your company' tab on the left menu of your Account Details

2. Make sure all fields in your Company Details are filled out. This would not take more than a few minutes to complete - please prepare these documents in advance to quicken the process:

   • ACRA Business Profile

   • Proof of address (if Place of Business is different from the registered business address in ACRA)

   • Letter of Authorisation (if the user is not a Director/Shareholder as per the ACRA Business Profile)

   • Ultimate Beneficial Ownership chart (if the company has more than 25% ownership by another business entity)

Feel free to get in touch with us at [e-mail] if you need any help getting started.