When your paypal account have total transactions of S$7000, paypal will send you an email as follows (as required by MAS):
PayPal is required by law to comply with the Monetary Authority of
Singapore’s Notice to Holders of Stored Value Facilities on the Prevention
of Anti-Money Laundering and Countering the Financing of Terrorism
regulations to collect identification documents from customers when they
receive/send more than a set limit. We are sending you this notice because
your PayPal account has exceeded this set limit in total transactions.
Please log into your account, go to Resolutions Centre page, and follow the
instructions there about how to provide the required information. We kindly
ask you provide the following required information:
– A legible copy of a government issued ID of the account contact person,
such as Singapore Residents NRIC Card, Passport document or Driver’s
license that is within validity period
– Business Registration Documentation, (ACRA, Registry of Societies of
Singapore or other relevant document official documentation) as Proof of
***PLEASE NOTE: ***
– If you have no hard copy from ACRA, you may go to online website
https://www.psi.gov.sg/NASApp/tmf/TMFServlet to print out your document.
– Make sure to include the company address in the business registration
Please visit the Resolution Centre to upload your documentation. These
steps need to be completed as soon as possible to comply with this
You may also fax the requested documentation to 65-6510-4576 Attn:
Compliance Department. Please notate your email address and the Case ID
(PP-_-_-_) on each fax sheet when faxing the documentation, which will
enable your documents to be routed and handled in a timely manner.
If you have any problem completing these steps, you may refer to our FAQ
link at http://www.paypal-apac.com/sg/kyc/faq for more details.
Alternatively, you may also contact our Customer Service at (65) 6510-4650
or email us at email@example.com.
We appreciate your business and apologize for any inconvenience.
What you have to do now is to prepare the documents needed (which is your Valid Photo ID & Proof of business registrations) in jpg format.
- Valid Photo ID
A copy government issued Identification Card of the account owner such as NRIC, Driving Licence or Passport (Note: Name on ID must match PayPal account).
Scan it and save as jpg format.
- Proof of business registrations
Business Registration Documentation from ACRA, Registry of Societies of Singapore or other official documentation (Note: Only for Business account holders)
Buy your business profile from Bizfile for S$5, press ‘alt’ ‘print screen’ to copy the 1st page of the business profile and paste it into your favourite graphic editor and save as jpg format.
When you login into your paypal account, you will be asked to go to the resolution centre
Click on the ‘Resolve’ button to upload the required documents and wait for email from paypal.