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?

Please refer to the AWS S3 Bucket Setup & AWS IAM Access Key Setup sections first, before proceeding.

After installing the KYC plugin, four fields 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.

Completed Configure page

With these details filled out. Hit the Save button. We can now see what the user experience is.

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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 Resources

It is required to create a new AWS S3 bucket and an IAM user to connect to the HollaEx KYC plugin. The plugin will store the user's KYC data on the bucket as storage.

Please follow the guide below to create the resources.

Automated resource creation

You can apply a Cloudformation template to automate the S3 bucket & IAM account creation with a simple click and a few types. Please click the link below to proceed. The AWS Web console will pop up through the link. Please make sure to log in with your existing AWS account. 🔗 Cloudformation Template

It is important to set the AWS Region through the top bar before you proceed. The new S3 bucket will be created in the region that you specified at this level.

Once you click the link, you'll see a page to set multiple parameters. Here are a few important ones:

• Stack name: The name of the Cloudformation stack. It is okay to leave it as default in most cases.

• BucketNamePrefix: The name of the new AWS S3 bucket that you are going to create. The system will add a unique account ID after the provided bucket prefix as a final bucket name. For example: <myexchange>-s3-kyc(change myexchange with your unique exchange name)

• MyIAMUsername: The name of the new AWS IAM username that you are going to create. This will be used as a name for the IAM user with AWS S3 access. For example: kyc-iam-user

It is not needed to set the "Permissions - optional" panel in most cases. You can simply skip.

It will take a few minutes for the system to create the resources.

Once it's all completed, you'll be able to check the output. You'll get everything necessary including the IAM Access Key and the Secret Key. Please save this information somewhere safe, and refer to the docs to configure the plugin. You are all good now!

Manual resource creation

It is recommended to use the Cloudformation automated template above instead of going through the manual setup. Please go through the manual setup only if you know what you are doing.

AWS S3 Bucket Setup

Please create a new AWS S3 bucket to use for the HollaEx KYC. You can do it from the "Buckets" tab of the AWS S3 page.

After the creation, make sure not completely to 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.

You can find it in the "Permissions" tab of your bucket.

AWS IAM Access Key Setup

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.

{
"Version": "2012-10-17",
"Statement": [
{
"Sid": "VisualEditor0",
"Effect": "Allow",
"Action": [
"s3:PutObject",
"s3:PutObjectAcl"
],
"Resource": "arn:aws:s3:::my-bucket-name/*"
}
]
}

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.

Once the account is created, get the required Access Key ID and Secret Access Key by clicking the "Download .csv" button.