Many legitimate transactions share the same indicators as illegitimate transactions, so many of our more active or higher account-value customers may be selected for this verification process at some point.
If our system has selected your account for KYC 2 verification (Diamond), we will ask you to confirm:
the purpose of your account
how you have sourced the funds deposited into your account.
Withdrawals are temporarily restricted until you have completed KYC 2 verification (Diamond).
We understand that these questions may seem invasive by nature. However, they are necessary to provide an exchange service free from fraud.
We don't collect your data for purposes other than our verification and reporting obligations. All information is collected in accordance with our Privacy Policy.
Our compliance team will review your source of wealth check within 3 to 5 business days and contact you if we need any additional information or documents.
How to complete KYC 2 verification
App
Select the three lines
in the top left corner to expand the side menu.Select
Profile, then Verification.Follow the prompts to complete the verification.
After submitting, we will let you know within six business days if we need further information or if you are approved.
Web
Select your circled initial in the top right corner of the dashboard and select
Account settings.Select Verification in the profile menu, then follow the prompts to complete the verification.
After submitting, we will let you know within six business days if we need further information or if you are approved.
Examples of sources of funds and accepted supporting documents
Sources of wealth | Wealth types | Supporting documents |
Employment / Income |
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Business ownership |
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Investment income and savings |
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Real estate and rental income |
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Crypto |
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Sale of shares / assets |
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Inheritance |
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Gifts |
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Loans / Debt |
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Legal settlement / compensation |
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SMSF |
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Other verified income |
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Why have I been selected?
Swyftx may require additional KYC (Know Your Customer) verification, such as source of wealth checks, even if you have already completed one. This ensures we meet regulatory requirements and maintain the security of your account.
Your information is used solely for verification and reporting purposes in accordance with our Privacy policy.
Our verification procedures may be more strict than you have experienced with other financial services; as an AUSTRAC registered exchange, we must use customer identification procedures for all our customers.
We also run 24/7 transaction monitoring programs to ensure we abide by our strict obligations under the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 (Cth).
While we cannot reveal how our monitoring programs operate, they are programmed to act impartially and free from bias.
More information: Swyftx's regulation and verification requirements.