KYC/AML Policy

At Switchain, we strive to protect our customers from fraudulent activities when dealing with digital assets. In order to prevent theft and fraud to the best of our ability, it is necessary to take measures to ensure customer verification and security of financial transactions. One of the best measures is our AML/KYC procedure, which allows us to confirm that the transactions related to executed trades on our platform are being performed by law-abiding individuals and/or corporations.

Switchain's service has a risk scoring system that was created to identify suspicious transaction activity. If a transaction is flagged by our system, the transaction is put on hold and the customer who initiated the transaction will be asked to pass AML & KYС verification. For security purposes, we are not able to disclose specific criteria used within our infrastructure, however, our advanced network monitoring, transaction tracing, and address discovery systems have proven to be some of the most effective in our sector.

Switchain reserves the right to apply the AML/KYC procedure to certain customers, addresses, and particular transactions involving digital assets sent via Switchain's services. Application of the AML/KYC procedure is based on Switchain's internal policies and aimed at preventing and mitigating possible risks of Switchain being involved in money laundering as well as any other illegal activities performed by people using our services.

Please be informed; Switchain reserves the right to appoint third-party services in order to fulfill the AML/KYC procedure on behalf of Switchain. While processing your information, such service providers completely comply with our Privacy Policy in respect of your personal information.

Switchain can provide the information collected during our AML/KYC procedure to the relative authorities upon a legitimate legal request.

Switchain will not enter a business arrangement with any individual or entity suspected of or directly involved in money laundering, or where funds have been sourced through illegal activity.

AML and KYC Procedure

AML/KYC procedure might be applied with respect to digital asset deposits, which are determined by our automated risk prevention system as suspicious. In these cases, Switchain will contact the customer via the email provided upon inquiry.

AML/KYC procedure includes confirming the identity of Users by means of:

  1. A high-quality photo of their ID (passport or driving license) valid in their country.
  2. Proof of the origin of funds.
  3. Any other applicable documentation.

Upon successful completion of the AML & KYC verification, the transaction(s) that was/were put on hold will be processed.

In response to a Switchain request for a user’s documentation, Switchain takes all possible measures to recognize illegitimate documentation, false information and reserves the right to investigate certain customers or transactions which have been detected to be risky or suspicious.

If there is any reasonable doubt that any information provided by a customer is inaccurate, untruthful, outdated, or incomplete, Switchain holds the right to send the affected party a notice requiring corrections or have all services declined to the customer.

Disclaimer

Switchain is continuously working hard to provide quick and transparent procedure updates that may be delivered to our customers via email and other means as well as on our website Switchain.com.

Contact Us

If you have any questions about AML/KYC procedure, please contact us via compliance@switchain.com