AML/KYC Policy | SimpleSwap – Compliance & Secure Crypto Trading

Ensuring Compliance; Protecting Integrity

We last updated these AML/KYC Terms on February 2, 2024. This Know-Your-Customer (‘KYC’) Policy is an integral part of SimpleSwap’s Terms of Service. Before using our services, you must read these terms carefully. When you access and engage with SimpleSwap’s services, you acknowledge that you have read and understood the Terms of Service and the KYC Policy, and you agree to abide by them. This agreement includes an obligation on your part to comply with all due diligence procedures to the maximum extent required by this policy. If you disagree with any provision of this policy or are unable or unwilling to comply with our KYC requirements set below, you should not use our services. Your continued use of SimpleSwap’s services constitutes acceptance of and agreement to comply with all aspects of the KYC Policy, as well as any future amendments or updates thereto.

1. Introduction to our compliance measures
   • 1.1. This policy, as a testament to our commitment to ensuring the security of our clients and partners, outlines requirements for screening clients and their transactions to prevent entering into dealings involving suspected money laundering, terrorist financing, fraud, sanctions evasion, and other financial crimes and illicit activities.
   • 1.2. This policy incorporates a risk-based approach, systematically assessing and addressing the varying degrees of risk associated with different clients and transactions to ensure tailored and effective management of potential financial crime threats.
   • 1.3. The policy adheres to and takes into account globally recognised guidelines and recommendations of the Financial Action Task Force (‘FATF’), which sets international standards aimed at preventing financial crimes. By aligning this policy with FATF standards, SimpleSwap aims to raise the effectiveness of its compliance practices and ensure they are adaptable to the evolving nature of these threats.
   • 1.4. This policy applies to any issue involving financial transactions that occur on the SimpleSwap platform.
2. Risk-based approach
   • 2.1. SimpleSwap’s KYC policy aligns with the FATF recommendations, specifically designed to assess risks associated with virtual asset service providers.
   • 2.2. We assign each client and transaction a risk level based on our compliance policy. Our KYC procedures then adapt to these risk categories, maintaining a balanced and effective risk management strategy.
   • 2.3. We actively monitor and update client risk profiles and transaction risk levels to maintain compliance with current regulations, adapt to market changes, and follow industry best practices.