KYC (Know Your Customer) verification is a regulatory requirement for certain fiat acquisition transactions (above a threshold amount, e.g., $50, which varies by region and provider) and all crypto-to-fiat conversion transactions in the SwiftEx App. This verification process ensures compliance with financial regulations and enhances security, and is managed by trusted third-party payment providers.
Why KYC is Needed
KYC verification serves multiple important purposes:
- Fraud Prevention: Protects your account and the platform against fraudulent activities and identity theft.
- Regulatory Compliance: Ensures adherence to local and international anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.
- Account Security: Adds an additional layer of security to protect your account and transactions from unauthorized access.
- Transaction Limits: Allows you to access higher transaction limits and full platform functionality.
Important: SwiftEx does not directly collect, process, or store your KYC data. All verification information is securely managed by third-party payment providers who are specialized in identity verification. Your data is encrypted and handled in compliance with global privacy standards including GDPR and CCPA.
Required Documents
You'll need to provide the following documents during the KYC process:
- Government-Issued Photo ID: A valid and current passport, national identity card, or driver's license. The document must be unexpired and show your photo, full name, date of birth, and ID number clearly.
- Proof of Address: A recent document (typically issued within the last 3 months) such as a utility bill, bank statement, or government-issued residency document. In some regions, specific documents like Aadhaar (India) or equivalent national residence cards are accepted. The document must clearly show your full name and current residential address.
- Live Selfie or Video Verification: A real-time selfie or short video clip where you hold your ID document next to your face. This biometric verification step confirms that you are the actual person shown in the ID document and helps prevent identity fraud.
KYC Verification Process
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Initiate Verification
During a fiat acquisition transaction (if your amount exceeds the no-KYC threshold) or any crypto-to-fiat conversion transaction, you'll be automatically prompted to complete KYC verification. The process takes place within a secure interface provided by the third-party payment provider, embedded seamlessly in the SwiftEx App. You'll be guided through each step with clear instructions.
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Upload Required Documents
Follow the on-screen prompts to capture or upload clear, high-quality images of your required documents. Make sure all text is legible, there's no glare or shadows, and all four corners of the document are visible in the image. The verification system will automatically check the image quality and may ask you to retake photos if they don't meet the required standards.
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Complete Biometric Verification
Follow the step-by-step instructions to complete the live selfie or video verification. You may be asked to turn your head, blink, or perform simple actions to confirm you're a real person. Hold your ID document clearly next to your face as instructed. This step typically takes less than a minute to complete.
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Submit and Await Review
After submitting all required information, your documents will be reviewed by the payment provider's verification team. The review process typically takes between 24 to 48 hours, though it may be faster during non-peak times. You'll receive a notification through the app and/or via email once your verification status is updated. You can check your verification status at any time in the app.
Important Notes
- One-Time Process: KYC verification is typically a one-time requirement. Once approved, you won't need to repeat it unless regulatory updates, account security concerns, or provider policy changes necessitate re-verification.
- Transaction Thresholds: For fiat acquisition transactions, amounts below a certain threshold (e.g., up to $50, varies by region and provider) may not require KYC. Check your selected payment provider's current limits and requirements for accurate information.
- Verification Issues: If your documents are rejected or you encounter any issues during the verification process, you'll receive specific feedback on what needs to be corrected. Common issues include poor image quality, expired documents, or mismatched information.
- Support: For assistance with KYC verification or any related questions, contact support through the SwiftEx App's support section or via email. The support team can guide you through the process and help resolve any verification issues.