This document provides a summary of the standards for 'Know Your Customer' and 'Anti-Money Laundering' policies, establishing our procedures for preventing money laundering when interacting with our customers.
The AML/KYC Policy aims to prevent RapidSwap from being utilized for illicit money-laundering activities by criminal entities. Additionally, the policy requires efforts to ascertain the accurate identity and beneficial ownership of accounts, source of funds, customer's business nature, operational adequacy in relation to the business, etc., to effectively mitigate risks.
At RapidSwap, our top priority is safeguarding our customers from fraudulent and scam activities in the crypto assets industry. We diligently follow the latest recommendations and guidelines set forth by FATF, European Parliament, and financial regulators to ensure compliance and protect our customers from illicit activities. Our policy is designed to detect and prevent funds associated with illegal activities, as well as support customers affected by cyberattacks. We utilize a comprehensive toolkit of policy regulations and cutting-edge software to combat money laundering and monitor suspicious transactions in real time.
The AML/KYC Policy, procedures, and internal controls are regularly reviewed and updated to ensure compliance with current regulations and adapt to changes in our business operations.
If the automated risk prevention system detects a suspicious transaction, RapidSwap's AML/KYC procedure requires the exchange to be temporarily paused and the customer involved to verify their identity.
The system uses a specific set of criteria that cannot be disclosed publicly to prevent individuals from attempting to exploit them and cheat the algorithm.
The system has demonstrated its effectiveness in identifying and preventing money launderers and scammers, as the KYC process enables us to distinguish between honest customers and fraudsters swiftly and effortlessly.
Individual attention is given to every KYC case. If a client is deemed eligible for the procedure due to a suspicious transaction, a special status update will be displayed on the exchange page. This update will include a 'Verify' button that links to Onfido's KYC provider verification tool.
RapidSwap has a partnership with Onfido, a KYC provider. To verify your identity, simply click on the Onfido link provided under the Verify button and follow the user-friendly interface to complete the verification process. You will have a 3-day window to complete the procedure. If you choose not to undergo KYC, please contact [email protected] for a refund.
Once RapidSwap has confirmed that you have passed the KYC procedure through Onfido, the exchange is finalized and the funds are sent to the designated recipient wallet address.
We strive to uphold our reputation as a reputable and compliant exchange service that is safe for all users, whether they are new to crypto or experienced traders. As such, RapidSwap may implement KYC/AML procedures for specific clients, wallet addresses, and assets.
RapidSwap does not engage in any money laundering or illegal activities. As a result, we do not enter into any business agreements with individuals or entities involved in such activities. If a customer's funds are suspected of being involved in illegal activities, our KYC procedure will differ slightly, and our support team will notify you accordingly.
If a client chooses not to reveal their identity for any reason and declines to submit the necessary documents, the KYC/AML process is deemed unsuccessful. The deposited funds will be refunded to the originating address(es), minus network fees, within 24 hours. RapidSwap may then blacklist the address(es), preventing them from making further deposits on the platform.
If a client submits fraudulent documents, the KYC/AML procedure will be deemed unsuccessful, and the deposited funds will be refunded to the original address(es) the deposit came from, with network fees deducted within 24 hours. RapidSwap retains the right to blacklist the address(es), making them ineligible for future deposits on the service.
Please note that RapidSwap may submit all received materials to legal authorities, such as Interpol and Europol, in response to a valid request. Please refer to RapidSwap's official Rules of Anti-Money Laundering and Combating Financing Terrorism compliance control for more information.
In the event that you have been stolen from and believe that the stolen funds have been transferred to a RapidSwap deposit address, it is imperative that you open a support ticket and furnish us with the required information:
RapidSwap will make every effort to temporarily freeze the assets if there is significant evidence indicating that the funds were stolen. In order to proceed, a report on the ongoing case must be provided by the police or Law Enforcement within 14 days of submitting a support ticket.
Please be advised that frozen funds will only be returned upon request from a Law Enforcement Authority. The request must clearly state the intention to return the funds and provide detailed information regarding the transaction in question.
Kindly forward a digital copy of the request to [email protected].