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KYC 2 verification (Diamond)

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.

We review KYC 2 verification submissions promptly. However, if our compliance team requires further information or additional documentation, the approval process can take 3-5 business days.

 


How to complete KYC 2 verification

  • App

    1. From the side menu, select profile new.svg 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. Select your circled initial in the top right corner of the dashboard and select setting.svg Account settings.
    2. Select Verification in the profile menu, then 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.

 


Examples of sources of funds

Examples of sources of funds may include:

  • Wages or salary
  • Sale of assets or proof of liquid asset holding
  • Inheritance
  • Cryptocurrency purchased on an external exchange

Accepted supporting documents

Supporting documents to verify your source of funds may include:

  • Bank statements
  • Payslips
  • ATO Notice of Assessment
  • Receipt for sale of assets (for example, a share portfolio statement or sale of a property)
  • Transaction reports of the purchase of cryptocurrency on an external exchange

 


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.

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