# KYC / KYB

https://www.uniwebpay.com/glossary/kyc-kyb/

*Last updated: 2026-08-03*

Know Your Customer and Know Your Business — the identity and business checks a licensed institution is required to perform before opening a merchant account. In practice: business registration, identification for the people who own and control the business, and evidence of what the business actually sells. There is no regulated merchant account in Singapore that skips them.

## Why it matters to a merchant

This is why onboarding asks for documents that feel unrelated to taking a card payment. The checks are a licensing obligation rather than a preference, so no provider can skip them — and a provider offering to is telling you something. What a merchant can control is preparation: having ACRA details, identification and ownership structure ready is most of the difference between days and weeks.

## Related terms

*Licensing and regulation in Singapore*

- [MAS (Monetary Authority of Singapore)](https://www.uniwebpay.com/glossary/mas/)
- [Payment Services Act 2019](https://www.uniwebpay.com/glossary/psa-2019/)
- [MPI (Major Payment Institution)](https://www.uniwebpay.com/glossary/mpi/)
- [SPI (Standard Payment Institution)](https://www.uniwebpay.com/glossary/spi/)
- [MAS Financial Institutions Directory](https://www.uniwebpay.com/glossary/fid/)
- [Beneficial owner](https://www.uniwebpay.com/glossary/beneficial-owner/)
- [PCI DSS](https://www.uniwebpay.com/glossary/pci-dss/)
- [Merchant Acquisition (licensed activity)](https://www.uniwebpay.com/glossary/merchant-acquisition/)
- [UEN (Unique Entity Number)](https://www.uniwebpay.com/glossary/uen/)
- [ACRA](https://www.uniwebpay.com/glossary/acra/)
- [PDPA (Personal Data Protection Act)](https://www.uniwebpay.com/glossary/pdpa/)
- [AML / CFT](https://www.uniwebpay.com/glossary/aml-cft/)

- [All 74 terms](https://www.uniwebpay.com/glossary/)

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