FINTRAC MSB Registration ID: M19260937Crypto Swap Limited (“Crypto Swap”), is registered with the Financial Transactions and Reports Analysis Centre of Canada (“FINTRAC”) as a Money Service Business (“MSB”) since 2019 and follows all the requirements set by FINTRAC and other law enforcement agencies. As such, we have compliance obligations enforced through the Compliance program requirements under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations. Under the prescribed legislative requirements, Crypto Swap has precise record-keeping, identification, and reporting requirements. Our compliance program includes:
- Compliance officer: The appointment of a chief anti-money laundering officer to supervise the AML/KYC team
- Compliance policies and procedures including AML/Compliance policy, Executing Know Your Customer (“KYC”) procedures,
- Ongoing monitoring of business relationship,
- Record-keeping requirements,
- Transaction reporting requirements
- Risk assessment to evaluate all risks related to money laundering and terrorist financing
- Ongoing compliance training programs for our AML/KYC Compliance team
- Two-year effectiveness reviews of our Policy
KNOW YOUR CLIENT (KYC) POLICY
Individuals Account VerificationWe verify the identity of all users through one of the following methods:
- Automated Verification (In partnership with various third parties); We have partnered up with various third parties to verify the identity of each user automatically to save time. To be verified, the information details must match the name, date of birth, and address provided by an individual client. If any of the Information does not match, the verification process has to be done manually by one of our KYC officers.
- Manual Verification (performed by our KYC team); If the automated Verification fails, the individual file is sent to our compliance team for review. As part of the Tier 2 account sign up process, all our clients are asked to upload to our site a government-issued photo ID and address verification document. Our compliance team may ask for any additional materials, such as a second ID or source of funds documents. All papers must appear to be valid and unaltered to be acceptable. If any information is redacted, the material is not accepted.
Corporations Accounts VerificationFor Institutional clients, we are obligated to confirm the existence of the entity and the entity’s beneficial ownership. Corporations: To confirm the existence of a corporation as well as the corporation’s name and address, we require the following documents:
- Power to bind the corporation
- Articles of incorporation, with full names and titles of all Directors and at least 3 Authorized Signatories (if any)
- Certificate of Corporate Status (if incorporated within the previous 12 months);
- A letter or a notice of assessment from a municipal, provincial, territorial or federal government.
- Proof of address (utility bill, bank statement or any government record)
- Trade name registration, if applicable
- Beneficiary ownership attestation (BOA) form and ID on the ultimate beneficiary. Including names and addresses of the individuals who are the beneficial owners, for example, directors or shareholders, i.e., an actual person who owns or controls, directly or indirectly, 25% or more of the corporation’s shares, if nobody controls – information confirming that there is no actual person.
- Signed Corporate Resolution
- Completed the Crypto Swap signup application form.