As SWAPD prepares to move operations to Canada, we want to inform our community about new compliance measures regarding cryptocurrency payments. To ensure we meet Canadian regulatory requirements, the following will apply:
1. Random AML Checks for Crypto Transactions: Users who frequently BUY or SELL using cryptocurrency will be subject to random Anti-Money Laundering (AML) screenings. This is due to SWAPD accepting direct crypto payments.
2. Exemption for Bank Wire/CC Payments: Most transactions via bank wire or credit card will be exempt, as our payment processors already conduct necessary screenings.
3. Purpose of AML Checks: These checks are for internal records only, ensuring SWAPD’s compliance with Canadian law. Data will not be shared externally unless our system flags potential money laundering activity.
4. Why This Matters: While these measures may be inconvenient, they are critical to maintaining the platform’s legality and preventing the risk of SWAPD being shut down for non-compliance.
5. The Reality of Today’s World: Regulatory compliance is a necessity in the current financial landscape, and we appreciate your understanding as we navigate these requirements.
Thank you for your cooperation in keeping SWAPD a safe and compliant platform. If you have questions, feel free to reach out to our support team.
— The SWAPD Team