Verification requirements are changing for Singapore-based Custom connected accounts accepting card_payments or with transfer capability enabled. These requirements must be met so the accounts can continue to accept card payments and receive payouts.

Changes include:

• Business types and structures supported. We’re collecting company.structure to accurately model legal structures.
• Business and personal information collected. We’re updating the information collection and verification requirements for all businesses currently supported today.
• How business and personal information is verified. We’re updating our criteria for valid business and personal information, and introducing new error codes when we’re unable to accept or verify the information provided.

See a more detailed explanation of the various changes.

What new information is required?

We are asking users for the following

• Verify that their account representative has a position of authority in the company. We would be automatically accepting certain positions listed on ACRA based on the company type. Users can also submit a letter of authorization to authorize a designated person to be the account representative of the company
• The ultimate owners of their business. We would use their UEN number to identify owners from ACRA or in the case of non profits, from charities.gov.sg. User with complex share holding structures would be able to share a letter of attestation declaring the ultimate business owners.
• The Directors of their business

How do I need to change my onboarding process?

The steps you need to take depend on how you currently onboard accounts:

• Stripe-hosted onboarding
• Embedded components
• API based onboarding

Stripe-hosted onboarding or embedded components

Collect updated information from accounts, so these accounts can continue to receive payouts and to accept payments.

Your Dashboard and the Accounts API both show which of your accounts need to provide updated information.

Send users to your Stripe-hosted onboarding flow or the embedded onboarding component to collect the necessary information. Both update automatically with changing requirements.

API based onboarding

Update to your Stripe integration to implement Stripe hosted onboarding

Implement the future requirements API

Set up account.updated webhook listeners to track requirement updates

Modify your onboarding flow: There are a few ways to modify your onboarding flow to satisfy the updated requirements:

• Embedded components: Add our new embedded onboarding components to your platform. They’re fully customizable, can be installed quickly, and handle verification requirements updates automatically.
• Stripe-hosted onboarding: Send accounts to an onboarding experience built and hosted by Stripe. Stripe-hosted onboarding adapts to handle verification requirements updates automatically.

Collect updated information: Your Dashboard and the Accounts API both show which of your accounts need to provide updated information. You can use our new embedded components or Stripe-hosted onboarding flows to collect updated information from these accounts, or submit it via the API.

The exact due date for each account will be available in the Dashboard’s Accounts to review page. See Deadlines FAQ for more details.

Deadlines

• New Custom connected accounts created on or after April 29, 2025: Must meet the updated requirements during onboarding. Otherwise, they won’t be able to accept payments.
• Existing Custom connected accounts: All future_requirements will become current requirements on May 20, 2025. If they haven’t provided the required information, they won’t be able to receive payouts beginning June 24, 2025, and won't be able to accept payments beginning July 15, 2025.
• New connected accounts created on or after April 8, 2025: Must meet the updated requirements, otherwise, they won’t be able to accept payments.

FAQ

What accounts are affected?

These updated requirements apply to all Singapore connected accounts accepting card_payments or with transfer capability enabled, with the following entity types

• Private Company
• Public Company
• Private Partnership
• Non Profit
• Government Entity

How can I see which of my accounts require updated information?

See the status of affected connected accounts in the Dashboard’s Accounts to review page. To filter by country, click More filters > Verification requirement and then check the box(es) for the countries you want to see.

What happens if I don’t collect this information?

If an account doesn't provide the required information by the listed due date, their ability to accept payments and receive payouts will be paused. Typically, the timeframe to provide updated information is within 14 days of the due date to continue receiving payouts, and within 28 days to continue accepting payments. However, that timeframe might vary for certain types of issues.

What features are available to help me meet the updated requirements?

There are several features available in your Stripe Dashboard and in the Accounts API that will help you meet the updated requirements.

Stripe Dashboard

• The Connect overview page shows your task list. The tasks provide more context on what is required and help you track when it’s complete.
• The Dashboard’s Accounts to review page displays all connected accounts with outstanding requirements. You can download links to send connected accounts to collect updated business information.
• In late September 2024, a new Requirements Details page will provide details about the information your accounts have submitted and the specific reasons for any errors, so you can guide accounts through issues. Request early access.

Accounts API

• The Accounts API now includes future_requirements, which gives you visibility into requirements on your connected accounts that will come into effect at a future date. New verification errors are accessible via requirements.errors and future_requirements.errors.
• The Accounts API also has additional verification responses that specify which information is needed for each account. These new responses will be added to the API automatically for all platforms starting on October 29, 2024. Review details of the API changes and opt in early.

What are Future Requirements?

future_requirements is an API field on the account, person, and capabilities objects to ease the process of adapting to evolving compliance requirements. It provides a preview of upcoming requirement changes for your connected accounts well before the requirement(s) goes into effect, making it easier to see what user onboarding changes to make for new users signing up on your platform, and any additional information existing users need to provide.

I also have other types of connected accounts, not just Custom connected accounts. Does this change impact those other accounts?

There's no action for you to take for connected accounts other than Custom connected accounts. Your Stripe onboarding flow has automatically updated to handle changing requirements. We'll reach out to any connected accounts that need to provide updated business information.

Why is Stripe updating verification requirements for these accounts?

Payment regulations aim to create a safer, more secure financial ecosystem by helping prevent crimes like money laundering, fraud, and tax evasion. At Stripe, we’re subject to certain Know Your Customer (KYC) obligations that require us to collect, verify, and maintain identity information about businesses that use our services, and for any individuals who ultimately own, control, or direct them. These requirements are frequently updated by Stripe, financial service regulators, card networks, and other financial institutions.

Will requirements continue to change in future?

Yes. As global requirements change, we expect onboarding requirements to continue changing as well. If you use embedded onboarding components or Stripe-hosted onboarding, then we automatically update your onboarding flow to handle the latest verification requirements. If you use API-based onboarding, you’ll need to manually modify your onboarding flow whenever requirements change.

Singapore verification requirements for Custom connected accounts: FAQ

Verification requirements are changing for Singapore-based Custom connected accounts accepting card_payments or with transfer capability enabled. These requirements must be met so the accounts can continue to accept card payments and receive payouts.

Changes include:

• Business types and structures supported. We’re collecting company.structure to accurately model legal structures.
• Business and personal information collected. We’re updating the information collection and verification requirements for all businesses currently supported today.
• How business and personal information is verified. We’re updating our criteria for valid business and personal information, and introducing new error codes when we’re unable to accept or verify the information provided.

See a more detailed explanation of the various changes.

What new information is required?

We are asking users for the following

• Verify that their account representative has a position of authority in the company. We would be automatically accepting certain positions listed on ACRA based on the company type. Users can also submit a letter of authorization to authorize a designated person to be the account representative of the company
• The ultimate owners of their business. We would use their UEN number to identify owners from ACRA or in the case of non profits, from charities.gov.sg. User with complex share holding structures would be able to share a letter of attestation declaring the ultimate business owners.
• The Directors of their business

How do I need to change my onboarding process?

The steps you need to take depend on how you currently onboard accounts:

• Stripe-hosted onboarding
• Embedded components
• API based onboarding

Stripe-hosted onboarding or embedded components

Collect updated information from accounts, so these accounts can continue to receive payouts and to accept payments.

Your Dashboard and the Accounts API both show which of your accounts need to provide updated information.

Send users to your Stripe-hosted onboarding flow or the embedded onboarding component to collect the necessary information. Both update automatically with changing requirements.

API based onboarding

Update to your Stripe integration to implement Stripe hosted onboarding

Implement the future requirements API

Set up account.updated webhook listeners to track requirement updates

Modify your onboarding flow: There are a few ways to modify your onboarding flow to satisfy the updated requirements:

• Embedded components: Add our new embedded onboarding components to your platform. They’re fully customizable, can be installed quickly, and handle verification requirements updates automatically.
• Stripe-hosted onboarding: Send accounts to an onboarding experience built and hosted by Stripe. Stripe-hosted onboarding adapts to handle verification requirements updates automatically.

Collect updated information: Your Dashboard and the Accounts API both show which of your accounts need to provide updated information. You can use our new embedded components or Stripe-hosted onboarding flows to collect updated information from these accounts, or submit it via the API.

The exact due date for each account will be available in the Dashboard’s Accounts to review page. See Deadlines FAQ for more details.

Deadlines

• New Custom connected accounts created on or after April 29, 2025: Must meet the updated requirements during onboarding, except for Ultimate Beneficial Ownership (UBO). Otherwise, they won’t be able to accept payments.
• Existing Custom connected accounts: All future_requirements will become current requirements on May 20, 2025. If they haven’t provided the required information, they won’t be able to receive payouts beginning June 24, 2025, and won't be able to accept payments beginning July 15, 2025.
• New connected accounts created on or after January 7, 2025: Must meet the UBO requirements, otherwise, they won’t be able to accept payments.

FAQ

What accounts are affected?

These updated requirements apply to all Singapore connected accounts accepting card_payments or with transfer capability enabled, with the following entity types

• Private Company
• Public Company
• Private Partnership
• Non Profit
• Government Entity

How can I see which of my accounts require updated information?

See the status of affected connected accounts in the Dashboard’s Accounts to review page. To filter by country, click More filters > Verification requirement and then check the box(es) for the countries you want to see.

What happens if I don’t collect this information?

If an account doesn't provide the required information by the listed due date, their ability to accept payments and receive payouts will be paused. Typically, the timeframe to provide updated information is within 14 days of the due date to continue receiving payouts, and within 28 days to continue accepting payments. However, that timeframe might vary for certain types of issues.

What features are available to help me meet the updated requirements?

There are several features available in your Stripe Dashboard and in the Accounts API that will help you meet the updated requirements.

Stripe Dashboard

• The Connect overview page shows your task list. The tasks provide more context on what is required and help you track when it’s complete.
• The Dashboard’s Accounts to review page displays all connected accounts with outstanding requirements. You can download links to send connected accounts to collect updated business information.
• In late September 2024, a new Requirements Details page will provide details about the information your accounts have submitted and the specific reasons for any errors, so you can guide accounts through issues. Request early access.

Accounts API

• The Accounts API now includes future_requirements, which gives you visibility into requirements on your connected accounts that will come into effect at a future date. New verification errors are accessible via requirements.errors and future_requirements.errors.
• The Accounts API also has additional verification responses that specify which information is needed for each account. These new responses will be added to the API automatically for all platforms starting on October 29, 2024. Review details of the API changes and opt in early.

What are Future Requirements?

future_requirements is an API field on the account, person, and capabilities objects to ease the process of adapting to evolving compliance requirements. It provides a preview of upcoming requirement changes for your connected accounts well before the requirement(s) goes into effect, making it easier to see what user onboarding changes to make for new users signing up on your platform, and any additional information existing users need to provide.

I also have other types of connected accounts, not just Custom connected accounts. Does this change impact those other accounts?

There's no action for you to take for connected accounts other than Custom connected accounts. Your Stripe onboarding flow has automatically updated to handle changing requirements. We'll reach out to any connected accounts that need to provide updated business information.

Why is Stripe updating verification requirements for these accounts?

Payment regulations aim to create a safer, more secure financial ecosystem by helping prevent crimes like money laundering, fraud, and tax evasion. At Stripe, we’re subject to certain Know Your Customer (KYC) obligations that require us to collect, verify, and maintain identity information about businesses that use our services, and for any individuals who ultimately own, control, or direct them. These requirements are frequently updated by Stripe, financial service regulators, card networks, and other financial institutions.

Will requirements continue to change in future?

Yes. As global requirements change, we expect onboarding requirements to continue changing as well. If you use embedded onboarding components or Stripe-hosted onboarding, then we automatically update your onboarding flow to handle the latest verification requirements. If you use API-based onboarding, you’ll need to manually modify your onboarding flow whenever requirements change.