[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.

Starting 30 May 2022, users who have accepted transactions through Carousell platform payment methods are required to complete Identity Verification as well as add in your Withdrawal method (bank account or debit card) in order to Withdraw the balance available from your wallet.  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.  The verification process is done entirely on Stripe’s platform and once you have successfully completed the verification, you will have agreed to Stripe’s Terms of Service for data collection. Do note that Carousell does not retain or store any of your personal data that you have submitted to Stripe. Update: As of 1 Dec 2022,  accounts with money in pending balance that exceeds more than 154 days without proceeding with Verification will not be allowed to Withdraw any balance automatically. If you experience an issue whereby you are unable to Withdraw your balance, please reach out to us to allow for this temporary lift in restrictions.

Please ensure that you have updated your app to the latest version in order to proceed with this new verification flow. 

You may refer to this guide for the Verification steps: How do I Verify My Identity?

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