SG Onboarding

Singapore onboarding combines regulatory obligations under Singapore’s AML/CFT framework with configurable identity and business verification methods.

It includes:

• Business verification (KYB)
• Individual identity verification (KYC)
• Beneficial ownership disclosure (≥ 25%)
• Screening and compliance review
• Final approval before activation

This guide explains how onboarding works in Singapore for business, implementation, and technical teams.

Regulatory Context

Singapore onboarding is governed by Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements issued by the Monetary Authority of Singapore (MAS).

These regulations require:

• Verification of business existence through official registry sources (e.g., UEN validation)
• Identification of Ultimate Beneficial Owners (≥ 25% ownership threshold)
• Identification of directors and control individuals
• Identity verification of authorized representatives and signatories
• Sanctions, PEP, and adverse media screening

As a result:

• Registry lookup may be used for corporate verification (e.g., ACRA-based validation via UEN)
• Document submission may be required (e.g., Biz Profile, ID documents, proof of address)
• Enhanced due diligence (EDD) may apply based on risk assessment
• Compliance approval is mandatory before activation

Onboarding overview

Singapore onboarding supports:

• Electronic KYB (eKYB)
• Manual KYB
• Electronic KYC (eKYC)
• Manual KYC (for individuals, corporate applicants, and stakeholders)

Manual review may occur when:

• Registry lookup fails
• Electronic verification fails
• Required stakeholder roles are missing
• Ownership structures are complex
• Documentation is incomplete or inconsistent

Responsibility

Client responsibilities

The client's onboarding responsibilities include:

• Collect accurate business and stakeholder information
• Declare all required stakeholder roles
• Declare UBOs (> 25% ownership)
• Capture applicant attestation
• Upload required documents
• Ensure stakeholders complete identity verification

Nium responsibilities

Nium's onboarding responsibilities include:

• Retrieve registry information
• Validate identity and document submissions
• Conduct compliance checks
• Raise RFIs (Requests for Information) if required
• Approve or reject onboarding

Business verification (KYB)

Australia supports both Electronic KYB (eKYB) and Manual KYB.

Electronic KYB (eKYB)

Electronic KYB retrieves publicly available company information from Singapore registries; It:

• Pre-fills corporate data
• Reduces document collection requirements
• Helps reduce onboarding friction
• Speeds up approvals

Step 1: Fetch public corporate details

Collect:

• businessRegistrationNumber
• countryCode

Use the Fetch Public Corporate Details request.

Store the returned publicDetailsId.

If no details are returned, proceed with manual KYB using Create Customer v5.

Step 2: Fetch exhaustive corporate details

Use the Fetch Exhaustive Corporate Details request and include the publicDetailsId.

Store the returned searchId.

important

This is a chargeable API. Use it only once per customer.

Contact your Nium account manager or Nium Support for pricing details.

Step 3: Verify and complete corporate details

Verify the submitted details:

• Confirm submitted data with the applicant
• Collect any missing information
• Add stakeholder details

Step 4: Upload required documents

Document upload is required when:

• searchId is not provided
• Registry data is incomplete
• Additional documents required for verification. For a complete required document list, see SG Required Documents.”

Use the Create a File request to upload the required documents. For more information, see Uploading documents.

The response returns a fileId.

This fileId must be referenced in the onboarding request.

Step 5: Applicant declaration

The authorized representative must confirm:

I certify that I am an authorized representative of the customer.
All information and documents provided are complete and accurate.
I confirm that all UBOs have been disclosed and that I have accepted the Nium Terms and Conditions.

Capture via clickwrap and submit:

Field	Type	Required	Description
applicantDeclaration	boolean	Yes	Indicates acceptance of declaration
applicantDeclarationTimestamp	timestamp	Yes	Format: YYYY-MM-DD HH:MM:SS

Step 6: Submit onboarding request

Use Create Customer v5 and include:

• Corporate details
• Stakeholder details
• searchId (if applicable)
• Uploaded fileId references
• Applicant attestation fields

If searchId is omitted, the application proceeds through manual review.

Individual verification (KYC)

Singapore supports both Electronic KYC (eKYC) and Manual KYC for:

• Individual customers
• Corporate applicants
• Directors
• UBOs
• Stakeholders

Step 1: Create customer

Create the individual using Create Customer v5.

After submission:

status	substatus
PENDING	AWAITING_KYC

Step 2: Access hosted KYC form

The applicant accesses the hosted KYC form.

Access is protected by a One-Time Password (OTP) sent to the registered email.

Step 3: Complete identity verification

User completes the identity verification as per below available KYC modes.  

For SG resident applicant/individual stakeholders 

• Electronic - Once user accesses the KYC form and proceed for verification, user will be redirected to the KYC vendor's page, where he can complete the IDV using Singpass authentication. [Preferred for faster approval] 
• Manual - Another option is to complete the complete the KYC by uploading PASSPORT or NATIONAL_ID. If PASSPORT is provided then PROOF_OF_ADDRESS is required [Least preferred] 

Non-SG resident applicant/individual stakeholders 

• Biometric- They can complete the IDV through biometric verification (live selfie with passport/National Id) [Preferred for faster approval] 
• Manual - Another option is to complete the complete the KYC by uploading PASSPORT or NATIONAL_ID. If PASSPORT is provided then PROOF_OF_ADDRESS is required.

Step 4: Compliance review

After KYC completion:

status	substatus
PENDING	UNDER_REVIEW

Nium’s compliance team then reviews submissions offline.

If additional information is required:

• An RFI is raised
• The customer responds via the RFI Hosted Form

Final decision:

Outcome	status
Approved	clear
Rejected	rejected

Webhook notifications are sent for all status transitions. For next steps based on application status, see Customer Lifecycle.

Stakeholder and UBO requirements

Ultimate Beneficial Owner

• All shareholders owning more than 25% of shares (directly or indirectly) must be declared as an Ultimate Beneficial Owner (UBOs).
• If no individual owns more than 25%, the most senior director must be declared as the UBO.
• If no UBO is submitted, Nium may identify the UBO during compliance review.
• For sole traders, the owner must be declared as the UBO.

Multi-layer ownership

If the customer has a multi-layer ownership structure:

• All corporate stakeholders owning more than 25% (directly or indirectly) must be declared.
• Corporate structure (ownership structure) documentation must be submitted to validate the ownership chain.

For more information, see Multi-layer ownership structure.

Position mapping

businessType	DIRECTOR	EXECUTOR	MEMBERS	PARTNER	PROTECTOR	REPRESENTATIVE	SETTLOR	TRUSTEE	UBO	SHAREHOLDER	SIGNATORY	CONTROL_PERSON	TRUST_BENEFICIARY
Association			Yes							Yes	Yes	Yes
Government entity	Yes					Yes				Yes	Yes	Yes
Partnership	Yes			Yes						Yes	Yes	Yes
Private company	Yes					Yes			Yes	Yes	Yes	Yes
Public company	Yes					Yes				Yes	Yes	Yes
Sole trader	Yes					Yes			Yes	Yes	Yes	Yes
Trust		Yes			Yes		Yes	Yes	Yes	Yes	Yes	Yes	Yes

A blank cell means the role is not applicable for that business type.

To dynamically retrieve valid roles use the Fetch Corporate Constants request.

Additional clarifications

• For Associations, use REPRESENTATIVE for roles such as chair, secretary, or treasurer.
• Some Partnerships may include DIRECTOR roles depending on structure.
• Private and Public companies without an identifiable UBO may pass SHAREHOLDER with ownership percentage details.

Related resources

• Pre-built KYC Form
• Customer Onboarding v5