[Singapore] Why do I have to verify my identity?

This is a requirement by Stripe, our trusted payment partner, to collect, verify, and maintain identity information on the individuals associated with a Stripe account.

These requirements come from regulators and financial partners, and are intended to promote transparency and prevent individuals from using complex company structures to hide terrorist financing, money laundering, tax evasion, and other financial crimes. In particular, these requirements include those contained under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act, Terrorism (Suppression of Financing) Act, and sanction regulations.

You may follow the steps to verify your ID here. For users who have more than $1000 in your available balance, an additional requirement by Stripe requires you to submit to us a snapshot of the front and back photo of your NRIC/ID or a photo of your passport.

Update: 20 May 2022

Starting 30 May 2022, users will be prompted to re-verify their ID, even if you have already done so previously. This is an updated requirement from Stripe, in order to comply with the Singapore’s Payment Services Act (PSA) 2019 and Notice PS-N01 whereby Stripe needs to conduct the verification flow and obtain the information directly from you. Users will be allowed to continue using Carousell Protection but note that by 30 May 2022, you will no longer be able to cash out your existing balance if you have yet to re-verify your ID with Stripe. 

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