KYC (Know Your Customer) verification is required for certain buy transactions (above a certain amount, e.g., $50, varies by region) and all sell transactions in the SwiftEx App. This process ensures compliance and security, managed by trusted third-party providers like Alchemy Pay.
Why KYC is Needed
KYC ensures:
- Protection against fraud and money laundering.
- Compliance with local and international regulations.
- Security for your account and transactions.
SwiftEx does not directly store user data; all KYC data is managed securely by third-party providers, encrypted and compliant with global standards (e.g., GDPR, CCPA).
Required Documents
- Photo ID: Valid passport, national ID, or driver’s license.
- Proof of Address: Recent utility bill, bank statement, or government-issued residency document (e.g., Aadhaar in India or equivalent).
- Live Selfie/Video: A selfie or short video holding your ID to verify identity.
KYC Process
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Start Verification
During a buy (if above the no-KYC limit) or sell transaction, you’ll be prompted to complete KYC via the third-party provider’s interface in the SwiftEx App.
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Upload Documents
Submit clear, legible images of required documents as guided by the provider.
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Complete Selfie Check
Follow prompts to take a live selfie or video with your ID.
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Await Approval
Documents are reviewed by the third-party provider within 24-48 hours. You’ll be notified via app or email.
Notes
- KYC is a one-time process unless additional checks are needed (e.g., regulatory updates).
- For buy transactions, small amounts (e.g., up to $50) may not require KYC; check Alchemy Pay for current limits.
- Contact support via the SwiftEx App or email for issues.