As an AUSTRAC registered exchange, we must apply customer identification procedures to all of our customers. Specifically, to ensure that we abide by our strict obligations set out by the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006 (Cth), we also run 24/7 transaction monitoring programs.
If your account has been flagged by our system, we are required to temporarily hold your deposit and you will be required to complete a KYC 2 form. This requires you to provide a higher level of information about the purpose of your account and how you have sourced the funds deposited into your Swyftx account. Whilst we understand that these types of questions are invasive by nature, they are necessary to provide our customers with an exchange service that is free from fraud and bad actors.
Why have I been selected?
Whilst we cannot reveal how our transaction monitoring programs operate, we can guarantee you that they are programmed to act impartial and free from bias. As such, if you have been asked to complete a KYC Lvl 2 form, please remember that you are not being accused of committing any offence.
How secure is my information?
If you would like any further information on our KYC processes, please don't hesitate to get in contact with us via live-chat.