Frogman (OP)
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Activity: 1232
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December 29, 2018, 04:33:27 AM |
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How does decentralized KYC work on ATLANT? 
As previously stated, both procedures are required in order to be fully compliant with applicable rules and regulations in most jurisdictions where we plan to operate.
ATLANT strives to be as compliant and transparent as possible, and given that we have ongoing processes to acquire necessary licensing for operation, it is crucial for us to follow the rules enacted by regulators and relevant government and regional authorities.
ATLANT KYC Procedures
Token withdrawals and/or payouts on ATLANT require users to pass a number of standard AML/KYC procedures, including list screenings (SDN, PEPs, etc), due diligence and document checks. Most of these checks are performed automatically after submission of KYC documents on the ATLANT Platform. Others, however, require a manual effort by internal compliance officers, or further interaction with users.
We recognize that this is sometimes an arduous process, and to alleviate this inconvenience, we are in a process of integrating 3rd party KYC providers, among them, a regulated US Trust, to expedite verification procedures.
Another difficulty which we are addressing with our legal team is the volatility of governments positions in various countries with respect to security tokens and cryptocurrencies, and proliferation of existing and newly enacted laws and regulations.
Further, we are working on more integrations in our KYC process, including well known players such as Civic and Telegram Passport these are expected to eventually streamline KYC user experience, as we look to make the process easier for clients.
Described KYC/AML procedures are centralized as in most traditional financial institutions, predominantly for GDPR compliance and other regulatory requirements. Whitelisting, however, involves storing whitelisted addresses on the blockchain.
ATLANT AW Procedures
Address Whitelisting is a KYC-related concept which is inherent to ATLANT and its proposed model of operations.
Any event involving token transfers to external Ethereum addresses would require a user to whitelist these addresses, provided that KYC/AML procedures have been passed successfully. At this stage, an Ethereum-based ledger representing a decentralized KYC registry comes into play.
The current implementation of ATLANT KYC Registry brings transparency by enabling any application, both internal to ATLANT or external (e.g. regulators), to check a particular address, verifying its KYC status near-instantly without suffering from possible service downtime/unavailability or tampered records.
Once Ethereum address is entered on the ATLANT Platform (Verification page), we automatically check the address for relevant transactions between it and ATLANT, when Verify is clicked. In case theres one or more transactions, the platform deducts a whitelisting fee and adds the address to the Ethereum ledger, marking it as verified by ATLANT.
Whitelisting involves paying a small verification fee which includes a network fee and imbeds costs for compliance and integration/monitoring. Please note we are trying to streamline the KYC procedures (per above), and hope to further automate and lower the costs involved.
You can always check your address status on ATLANT via any Ethereum explorer, (e.g. Etherscan):
1. Navigate to
https://etherscan.io/address/0xd63a77fe246c4a0095796b13c33c15e55fea1f6c#readContract
2. Insert your external (personal) address into the address textbox (getStatus panel) and click Query
3. Check the number returned by Etherscan. 1 stands for verified by ATLANT.
Statuses will be more nuanced in the future but some tentative guidelines are:
0 non-verified address
1 verified address
2 suspended address
Sample values:
Verified: 0x65dc3935b20eAaa9aAb0d8AcCfAC99f3cF862823
Non-verified: 0xA10Da3724c7A7b8Ad2E6Aa8a439f9AC38a9a3182
Additionally, we have implemented a versatile approach in AW, making it possible for external KYC providers to conduct whitelisting on behalf of ATLANT. This is useful for situations when multiple apps or external providers need to be allowed, to conduct AW. External KYC provider address may be assigned or revoked at any time by ATLANT.
We encourage everyone to verify KYC contract source code:
https://etherscan.io/address/0xd63a77fe246c4a0095796b13c33c15e55fea1f6c#code
In case you require further help with getting verified on ATLANT, or have other issues, please feel free to contact support by writing to help@atlant.io or submitting a ticket on the ATLANT Helpdesk Portal https://helpdesk.atlant.io. Please make sure to use the same email address as you used to register on ATLANT, when submitting tickets.
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