SwiftEx AML Policy
Last Updated: June 10, 2025
SwiftEx (“SwiftEx”, “We”, “Our”) is dedicated to identifying, mitigating, and preventing money laundering, terrorism financing, and other illicit financial activities. Our internal procedures align with applicable Costa Rican regulations and recognized international standards.
KYC Disclaimer:SwiftEx relies on licensed third-party on/off-ramp providers for all crypto-fiat conversions. All KYC data is collected and managed directly by these regulated providers, not by SwiftEx.
1. Key Terminology
- Beneficial Owner: An individual with 25% or more ownership or control in a legal entity.
- Identification Documents: Valid government-issued identification and proof of address.
- Sanction Lists: Official watchlists issued by OFAC, the United Nations, the EU, and Costa Rica’s UIF.
- Suspicious Transactions: Activities lacking clear economic rationale or exhibiting patterns associated with fraud or evasion.
2. Policy Scope and Integration
This AML Policy forms an integral part of SwiftEx’s Terms and Conditions. By accessing or using our platform, users acknowledge and agree to comply with the standards outlined herein.
3. Policy Revisions
SwiftEx reserves the right to amend this Policy at any time. Updated versions become effective immediately upon publication on our platform.
4. User Responsibilities
- Refrain from using SwiftEx for unlawful or prohibited purposes.
- Submit truthful and verifiable information during onboarding via our licensed third-party on/off-ramp verification partners.
- Notify verification providers of any changes in your residential address promptly.
- Corporate users must disclose beneficial ownership structures to the relevant KYC providers.
5. Policy Purpose
This Policy is designed to establish effective internal controls to detect and deter illegal financial activity, support risk management, and preserve platform integrity.
6. Customer Due Diligence (CDD)
Users may be required to complete verification steps including:
- Submitting valid government-issued documents
- Providing clarification for potential matches on sanction lists
- Verifying banking details for fiat-related activity
7. Risk Assessment
SwiftEx assigns users a risk level (Low, Medium, High) based on:
- Document completeness and authenticity
- Business activities and geographic location
- Historical and behavioral financial patterns
- Global risk advisories and red flags
8. Identity Verification Process
All identity verification is managed by licensed on/off-ramp partners regulated under applicable laws. Required documentation includes:
- Individuals: Government-issued photo ID, recent photograph, and proof of address.
- Businesses: Certificate of incorporation, board resolution, ID of authorized signatory, and documents evidencing beneficial ownership.
9. Transaction Monitoring
SwiftEx implements dynamic monitoring mechanisms to detect suspicious or high-risk activity, such as:
- Transactions exceeding $10,000 USD
- High-risk or cross-border transfers
- Inconsistent activity versus user profile
10. Data Retention Practices
- KYC-related records may be retained for up to 10 years following account termination, depending on applicable laws.
- Transaction logs may be kept for a minimum of 10 years for regulatory compliance and audit purposes.
- Suspicious Activity Reports may be retained for up to 12 years to comply with legal obligations.
11. Regulatory Reporting and Cooperation
SwiftEx may share user information with regulatory agencies including UIF Costa Rica, SUGEF, or equivalent global authorities when legally required. Reports and compliance concerns should be sent to: info@swiftexchange.io.
12. Contact Information
- Email: info@swiftexchange.io
- Address: Katchin Tech Pvt. Ltd., A-4, Sector 19, Nanda Enclave, Dwarka, Delhi, 110075