Verification

Crypto Swap account verifications are required for distribution of fiat currency or large cryptocurrency transactions.

Crypto Swap is committed to maintaining the highest standards of Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance. This is to prevent the abuse of Crypto Swap products and services for use in money laundering or terrorist financing.

Although the cryptocurrency industry is somewhat without formal regulation, Crypto Swap voluntarily adheres to generally accepted local and international compliance standards. It is for this reason that we ask our customers to provide us with their details and documents when signing up with us.


Do I need to verify my account to send and receive crypto?

You do NOT need to verify your account to buy sell or trade cryptocurrency or to send fiat currency INTO your Crypto or StableCoin Accounts.

I just initiated an account on your decentralized platform  how do I verify my account?

Great to have you on board.

All Crypto Swap account verifications are done manually in order to prevent abuses from occurring on our platform.

The process, although is quite simple and only takes a few minutes but once completed you can take advantage of all the features we have to offer.

Step 1 – Send an email to compliance@crypto-swap.com this the following information

  1. Date of your account setup on the platform
  2. Username
  3. Phone Number
  4. Please provide:
    • A copy of your identity card or passport
    • A recent personal photo (like a selfie) of yourself
    • Proof of residence

Step 2 – Once we receive this email you will be contacted by a compliance officer


How long does it take for my account to be verified?

Fully Compliant, Non Restricted

Please review the requirements on your dashboard, this section will allow you to upload the following documents to complete the Level 2 process and become Level 2 certified:

Please provide:

  • A copy of your identity card or passport
  • A recent personal photo (like a selfie) of yourself in addition to the copy of your ID.
  • Proof of residence
  • A correctly filled in and submitted a Crypto Swap registration form. All the information must be accurate.

Once these documents have been sent to Crypto Swap and are verified, you will be able to place TRANSFER or WITHDRAWAL orders on your account subject to the limits on your Level.


What types of documents are accepted as proof of address?

Proof of Address / Residence is a document that allows us to ensure that you live at the address used in the registration form. The material must be dated less than three months and contain your full name and address.

The following documents are accepted:

  • Internet bill,
  • Landline or phone bill,
  • Water bill,
  • Gas bill,
  • Electricity bill,
  • Bank statements,
  • Official residence document.

Do I need to fill out the Beneficial Owner Form? What is this document for?

If you are required to inform us that there is a beneficial owner on the account and you are operating it on their behalf, you must send an email to compliance@crypto-swap.com and ask for a Beneficial Owner Declaration. The form of the beneficial owner should be duly completed and submitted in a return email before you start to operate the account.

In this form, you declare who the funds used in the business relationships with Crypto Swap belong to.

If you are NOT the beneficial owner of the assets (you use somebody else’s funds), you must declare that the person(s) listed in the table is/are the beneficial owner(s)of the assets involved in the business relationship.

If you are the sole beneficial owner of the assets (you use your funds to buy and sell cryptos), you are not required to complete the form.


What is a PEFP?

PEP stands for “Politically Exposed Foreign Person” who has been entrusted with a prominent public function: Individuals who are or have been entrusted with prominent public services by a foreign country, such as heads of state or of government, senior politicians at national level, senior government, judicial, military or political party officials at national level, and senior executives of state-owned corporations of national significance (foreign politically exposed persons).

Individuals who are or have been entrusted with prominent public functions at a national level in Canada in politics, government, the armed forces or the judiciary, or who are or have been senior executives of state-owned corporations of national significance (domestic politically exposed persons).

Individuals who are or have been entrusted with a prominent function by intergovernmental organizations or international sports federations, such as secretaries-general, directors, deputy directors, and members of the board or individuals who have been entrusted with equivalent functions, (politically exposed persons in international organizations).


How long does the verification process take?

The verification process can often take some time because we work around the clock to get our customers individually verified. Our customers’ safety and privacy are always our top priority.

We have recently introduced online forms for submission so that the verification process can take as little as one business day once all files are successfully submitted. If your data is not complete, you will receive feedback by email within one business day detailing what is missing or what is outstanding.

If your documents take longer to be verified, please check that all your files are complete. Take a look at your user profile in our platform and see if any of these documents are not uploaded


Why have I been requested to give details on the origin of my funds?

Our compliance team may ask you to provide some extra information about the funds you are using in your business relationships with us. As a Swiss regulated financial intermediary, we respect the Swiss Anti-Money Laundering Law and must ensure all processed funds are from a legitimate and legal source.

Information on the origin of funds will always be requested whenever:

  • Your annual volume, or a single transaction volume, exceeds 100,000 CAD
  • In cases where you are receiving or sending funds to or from a high-risk country.

What documents should I provide to prove the origin of funds?

The documentation needed depends on the information you have provided in the registration form. Our compliance team will navigate you through the process of the way that is the most appropriate and adaptable to your situation.

The most common documents or proofs that are requested are:

  • Cryptographic proof of ownership of accounts related to your investments (ICOs or other cryptos).
  • Crypto exchange statements.
  • Income tax return.
  • Bank statements.
  • Inheritance certificate.
  • Property sale documentation.