KYC and AML policy
Know Your Customer and Anti-Money Laundering procedures are part of operating a trading platform in Singapore. This policy explains what we ask for, why we ask for it, how long it takes and how your information is protected.
1. Introduction
The purpose of KYC and AML procedures is to confirm who our clients are, to prevent the platform from being used for money laundering or the financing of terrorism, and to meet the obligations that apply to us in Singapore. The checks apply to every client, regardless of the size of the account.
We follow a risk-based approach. That means the depth of the checks depends on who you are, how you fund the account and what you do with it, so most clients go through a short process and only a minority are asked for more.
2. What KYC means
Know Your Customer, or KYC, is the process of identifying a client and confirming that the information supplied is genuine. In practice we compare your name, date of birth and address with official documents and, where required, with a live image of you.
Verification is completed once, before activation or before the first withdrawal, and refreshed when your documents expire or your circumstances change.
3. What AML means
Anti-Money Laundering, or AML, covers the measures that prevent criminal money from entering the financial system. They include risk assessment of each client, monitoring of activity for unusual patterns and reporting of suspicious transactions to the authorities in Singapore. Related rules on countering the financing of terrorism apply in the same way.
These duties are continuous. They do not end after your first verification, which is why we also review accounts periodically and why you may be asked to confirm information some time after you register.
4. Why identity verification is required
Verification protects you as well as us. It reduces the risk of fraud, makes it harder for someone to open an account in your name, supports the security of withdrawals and allows us to comply with the applicable legal and regulatory requirements, which lowers the financial risk of the platform for everyone who uses it.
It also protects payments. A withdrawal can only go to a destination that has been verified as yours, which makes it far harder for a stolen password alone to move money out.
5. Documents we may ask for
We only ask for documents that we actually use. Depending on your profile, these are:
- Proof of identity: NRIC, FIN card or a valid passport. Both sides of a card are needed and the document must be valid, in colour and uncropped.
- Proof of address: a bank statement or utility bill dated within the last three months, showing your full name and residential address. Mobile phone screenshots are accepted if the whole page is visible.
- A live selfie check: a short liveness check to confirm that the person holding the document is you. It takes under a minute and the image is used only for verification.
6. The verification process
- You register and submit the contact details in the form.
- You provide personal details and upload the requested documents.
- An automated check reads the documents and compares the data.
- A compliance analyst reviews the case when the automated check cannot decide.
- You receive confirmation of the result by email and in your account. If something is missing, the message says exactly what to resend.
7. Enhanced due diligence
Some situations call for a closer look. This applies, for example, to larger or unusual deposits, to links with higher-risk jurisdictions or to politically exposed persons. In those cases we may ask for the source of funds or wealth, such as payslips, a sale agreement or an investment statement. We explain why we need it and give you a reasonable time to respond. Providing it does not mean you have done anything wrong.
Verification levels at a glance
| Level | When it applies | What is checked |
|---|---|---|
| Standard | Most clients, including Basic plan accounts | Identity document, address, liveness check, sanctions and watchlist screening |
| Enhanced | Larger deposits, unusual patterns, higher-risk indicators | Everything in Standard plus source of funds or wealth and a closer review |
| Ongoing | Throughout the relationship | Transaction monitoring, periodic refresh of documents and screening |
8. How long checks take
Most standard cases are completed within one to two business days after we receive complete documents. The duration depends on document quality, whether manual review is needed and how quickly requested additional information arrives. Sending clear, complete documents the first time is the single biggest factor in a short check.
9. Reasons a check may be refused or paused
A verification may be declined or suspended if documents are expired, unreadable or cropped, if the details do not match, if there are signs of tampering, if information is missing or if the source of funds cannot be explained. We tell you what was missing wherever the law allows us to.
10. Transaction monitoring
We monitor account activity against risk-based rules to spot behaviour that does not fit your profile, such as rapid movement of funds in and out without trading. When something is flagged we may ask questions, limit a feature for a time or, where the law requires, file a report without informing you.
11. Your responsibilities
You are responsible for giving accurate, current and genuine information, for keeping it up to date and for using only funds that belong to you. Providing false information or forged documents may lead to closure of the account, withholding of funds as the law requires and referral to the authorities.
12. Data retention and protection
KYC and AML records are stored in encrypted form with restricted access. Singapore AML rules require us to keep these records for a minimum period after the end of the relationship, and we keep them no longer than needed. The Privacy Policy describes how personal data is handled more generally.
13. Sharing of data
Where necessary, verification data may be shared with identity verification providers, IT and hosting suppliers who process it on our instructions, affiliated companies in our group, and regulators or law enforcement bodies when we are legally required to do so. Sharing is limited to what each recipient needs.
14. Regulatory compliance
These procedures are designed around the requirements that apply to us in Singapore, including the Payment Services Act 2019 and the notices and guidelines of the Monetary Authority of Singapore on preventing money laundering and countering the financing of terrorism. See the licensing page for the framework in more detail. We review our procedures at least once a year and whenever the rules change, and staff who handle verification receive regular training on spotting typologies such as mule accounts, layering through rapid transfers and use of third-party funds.
15. Contact
For questions about KYC, AML or the status of your verification, write to [email protected] and quote your registered email address. Please do not send identity documents by ordinary email; use the secure upload in your account.