KYC
KYC is an invaluable tool for ensuring your customers are who they say they are, and remaining compliant with your jurisdiction laws
Available To
Free for the following exchange plans:
Cloud Plans:
Crypto Pro
Enterprise
On-Premise Plans:
Boost
Voyager
What Is It?
The HollaEx KYC plugin allows operators to run their own KYC process. Users upload their documents to a secure AWS S3 bucket, as well as give information on themselves and then the operator (or KYC-enabled member of staff) can verify the user according to your exchange's particular policy.
Who Needs It?
Operators who want to KYC their users, without having to use a third-party service.
How to Use It?
After installing the KYC plugin, there are four fields that need to be filled in before the plugin can be used. These credentials require setting up an account on the AWS Console and creating a S3 Bucket. This bucket is the location where uploaded documents will be stored.
With these details filled out. Hit the Save button. We can now see what the user experience is.
Now users can select Identification from the sidebar, and enter the identification process by selecting Identity and clicking Start Identity Verification.
The first page- Identity- is a simple form where basic details like name, DOB, address, etc. are supplied and submitted.
The second page Upload has three sections in it, where document scans are uploaded to that earlier setup AWS S3 Bucket:
Passport scan
Proof of Residence
Selfie
As this method of KYC is run entirely by your team, this is where an operator-defined policy should be put into place. As the verification is done by hand there is no hard limit in place of what will be accepted by the software.
Once complete the user will be able to see that their documents have been submitted
At this point, the users can get in touch with the support service for your exchange. A member of the team can search for the user's account in your operator controls, find that particular user, and then view and accept or reject their documents. This can be seen in the image below:
On approval, the user will be considered verified and see a green check beside Identity in the Identification section. At this point, your policy can dictate what rewards or account limits this opens up to them.
AWS Access Key Generation
You will need to make an IAM policy for an IAM user you are going to use for the KYC. You should create a new policy on the AWS IAM Console - Access Management - Policies page, as shown in the image and code block below.
Make sure to not completely block public access to your AWS S3 bucket. It is required for HollaEx Web to reach an S3 bucket without any permission issues. Please refer to the screenshot below.
After this, go to the AWS IAM Console - Access management - Users page to create a new user for KYC connection. You will be able to bind the policy that you just created above to this new account.
Get the required Access Key ID and Secret Access Key once the account is created.
Last updated
