Complete Guide To Performing A Know Your Customer Check

Easy steps to take to meet KYC requirements

Companies are not that different from individuals when it comes to legal backgrounds and credit history. 

All businesses have histories that can determine if it is worth doing business with them. 

Financial institutions, like Point-of-Sale providers, must perform a company check to meet regulatory requirements. Failing to meet these requirements can result in financial penalties and even the loss of business privileges. 

So, how do you perform a Singapore company check or for a business located in any other area?

You can always hire a third-party investigator or you can follow a few simple steps.

With automation expediting processes like identity verification, reference checks and education confirmation, streamlined online background checks can deliver candidate screening insights in under 72 hours in most cases, answering applicant questions around expected “how long does a background check take” timeframes.

Start and End with ACRA

A company check starts with accessing the ACRA (Accounting and Corporate Regulatory Authority) website. 

From there, 

1. Type in the “company name” you need to verify
2. You will be prompted to go through CAPTCHA verification (note: CAPTCHA verification is to make sure that you are human but not a spam-sending computer). The CAPTCHA also verifies you are not a bot. You cannot automatize the search.
3. Information about the searched-for company will pop up on your screen.
   1. The company’s name, address, UEN, and industry The validity of the registered business address of the company will be shown here. This is particularly useful when you are running a background check – a wrong registered address / suspicious premise location will raise a red flag.
   2. The business entity’s status You will see a piece of information stating the status of the company. The “live” status is important as it tells whether the company currently exists and is operating, or otherwise.
   3. The entity’s compliance rating for annual filing. Look for a green mark, it indicates the company is compliant with annual filing requirements. A red mark is a warning sign. 

If the ACRA search displays verifiable information, with a green checkmark, it is a reputable company that you may want to take on as a client. 

What Information Can You Find on ACRA

On the ACRA website, you can find information on the business’s operational status. The registered business address, annual general meeting (AGM), and financial statements. 

Verifying this information will help ensure your financial institution is meeting all of the compliance requirements for a Singapore company check. 

FAQ

Do you still have a few questions? Don’t worry, here are the answers to some of the most commonly asked ones. 

1. When would I need to check if a company is registered in Singapore? 

• Some instances of needing to check if a company is registered in Singapore include:
• Operational status of a company
• Conducting due diligence before entering into a business partnership
• Obtaining additional information about people associated with a specific business entity, such as all of the business entities in which a person is involved, his roles in these entities, and the status of these entities.

2. What information needs to be verified?

• Registration number (UEN)
• Company status
• Registered address
• Annual returns
• Annual general meeting
• Financial statements
• Information on business owners and other key stakeholders

With a little research, you can verify if a company is registered in Singapore.