We’re excited to share important updates to our identity verification procedures at SWAPD, designed to enhance security, privacy, and efficiency for our community! Here’s what’s new:
Easy Verification Process: Members can now verify their identity by visiting SWAPD.co/ID or contacting @VERIFICATION directly.
No More Manual Verifications: SWAPD staff will no longer conduct manual ID verifications, streamlining the process.
Enhanced Data Privacy: SWAPD will no longer store or manage any user data collected during ID verification. Everything is securely handled by our trusted partner, SumSub.
Existing Verified Members: If you’re already ID-verified, no need to re-verify unless specifically requested by SWAPD staff.
AML Compliance: Anti-Money Laundering (AML) checks will now be seamlessly integrated into the KYC/KYB verification process.
Trusted Partner: We’ve partnered with SumSub, a global leader in identity verification, ensuring top-tier security and compliance with international privacy standards.
These changes reflect our commitment to providing a secure and user-friendly experience. For any questions about the verification process, contact @VERIFICATION (via PM) or email privacy@sumsub.com for privacy-related inquiries.
P.S. In a few weeks, we will be forced (by law) to do random AML screenings for already ID-verified members. We apologize for the inconvenience but it’s either that, or no SWAPD.
During screening one of the best things to do is prepare your ids and place your hands forward one over the other and start doing the gangnam style dance. If you do that you’re instantly verified.
The new system is live and already doing great! Had 8 successful ID verifications so far, 39 seconds is the average time now to get verified on SWAPD. That’s a big step up from the previous 24-72 hours!
Would existing members with ID verification have to re-verify?
SumSub shares data with government of the nation/country of the individual they kyc verify?
If that’s the case. Most of the people taking payment in crypto would be tanked big time lol.
I mean, financial data on swapd or tickets done on Swapd is NOT related to sum-sub verifications right?
I mean, sum-sub wouldn’t have the numbers or the information of ticket’s data that’s conducted on Swapd, right?
Not required, but we will begin doing random screenings and your account MAY or MAY not have to re-id verify.
Yes, Sumsub does share user data with governments and other trusted sources for verification purposes. They connect to government, banking, and credit databases to help businesses verify user identities and comply with regulations. This data sharing is crucial for preventing fraud and ensuring compliance with KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations.
If you are asking whether they share finances, I am not sure. Even if they did, your SWAPD finances aren’t tied to SumSub, only ID verifications. We don’t pass-through finance data through SumSub, we only use it to check whether you are you, and whether you already exist somewhere in some AML database. HOWEVER, once in Canada, we will be required to AML screen users from time to time. The only time we as a company have to report something is when you truly trigger a pre-set condition that would flag money laundering activity. And even if that is triggered, not all data is released, just that one particular transaction that flagged the system.
I do realize this will worry some users, but this is what the majority wanted :) Instead of sharing your data with us, now your identity will be cross checked in every way possible! Even if we wanted to revert, we couldn’t. This is the new reality for online marketplaces, mandated by law.
