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.
Please note that SingPass Identity Verification does not work for transferring Balance to your bank account. SingPass verification is an optional step for users to increase the credibility of your account by logging in via SingPass. Carousell Protection sellers need to verify your identity with Stripe in order to transfer their Balance.
*NRIC/ID Photo or ID number is still required if the Balance exceeds $999.99SGD.