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, 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.

We understand that these questions may be 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.

How to complete KYC 2 verification

• App

  1. From the side menu, select  Profile, then Verification.
  2. Follow the prompts to complete the verification.
  3. After submitting, we will let you know if we need further information or if you are approved.

• Web

  1. Click on your initials in the top menu bar, then select Verification.
  2. Follow the prompts to complete the verification.
  3. After submitting, we will let you know if we need further information or if you are approved.

Why have I been selected?

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.