KYC stands for Know your customer. To know in the sense to get basic details about the customers. These are the necessary as well as mandatory identity details. Furthermore, these are the legal verified documents issued by the government. Documents include Permanent Account Number or PAN, Electoral Photo Identity Card (EPIC) also known as voting card, or other updated documents.
KYC tools helps companies or lenders to have a proof of the borrower in case any fraudulent activity occurs. They safeguard the firms. KYC is mostly used by e-wallet firms. The documents vary with each country. You may be asked to submit different certificates based on the country or region. There are different options available for KYC tool Singapore.
What are the documents you require for KYC in Singapore?
In order to verify and update your identity, you need to follow the procedure. First and foremost, you keep following the documents handy.
- Passport
- Birth certificate
- Pan card
- Driving license
The documents must contain your full name, date of birth, nationality, residential address, any other government issued certificates.
Why are the things checked for KYC?
As discussed above, KYC means knowing about the customers, hence the basic details are confirmed. But how and why?
Following parts of the details are focus:
- Background and history of the customer.
Background gives ideas if the person is previously dealt with any criminal cases or offenses.
- Income source
Source is important so as to know, what are the sources and modes of income of any customer. If the source of income is confirmed and found legit, lenders get assurance of the company.
- Residence of the person.
It is important to know if that person is a permanent resident of that particular country. No residents of the country may not get KYC done sometimes.
What are the KYC tools Singapore I can get?
KYC tool Singapore across the world share a common reason to reduce the risk factor in the trading and investments from the side of the firm. There are 3 parts of the customers followed even in Singapore. The first is the process of customer identification. This requires only documents in either physical or file form. Second being, the Customer due diligence; in this the customer himself has to appear and provide the information.
And, the final part is the constant monitoring. In this final part, the information is monitored continuously and kept under vigilance for advance information and the financial activity of the customer or borrower. Above steps are also valid for getting KYC done in Singapore. Only the documents may vary.
