KYC PRIMER — ALL THE STEPS
Let’s get familiar with the KYC process on Atlo.
This post explains a bit about what it is then takes you step by step through the process. You will need 2 documents: Proof of Identity and Proof of Address.
Changing the wallet associated with your KYC may take a couple of days and incur additional charges. Please make sure the wallet you use to KYC is the wallet you wish to use on Atlo going forward.
WHAT IS KYC AND WHY IS IT NEEDED?
KYC stands for Know Your Customer and is a requirement in many countries for participating in certain types of launches. You can see a full list of the countries who do not allow this type of IDO participation in an earlier post.
KYC is making sure you are who you say you are. We do not store your KYC data. It resides with our KYC partner Sumsub. KYC is done to meet the requirements of your government. There are launch methods that do not require KYC, and we will be offering those to launchers in time.
STEPS TO KYC
The screenshots below are from a desktop, but the navigation on mobile is pretty similar.
1. CONNECT YOUR WALLET
We’re going to assume you have a Terra Wallet, the Browser Extension (or the mobile app) and at least 5 UST to cover Tx and KYC fees.
If not, bookmark this post and go read our Intro To Terra.
First things first, connect your wallet, by clicking on the button in the top right corner.
2. START KYC
You can launch the process from the KYC button in the navbar at the top of the site OR button in the bottom right corner.
3. BEGIN TRANSACTION
You’ll see a window pop up telling you there is a fee attached to KYC, and clicking the button begins the Tx that pays the fee. You will only need to KYC once on Atlo.
4. CONFIRM TX
This completes the Tx and allows the KYC process to begin.
5. AGREE TO TERMS AND CONDITIONS
Read the Terms, tick the box (if you accept them), and then hit the NEXT button.
6. SUBMIT PROOF OF IDENTITY
Select your country and the type of identity you are submitting. If you’re using desktop, you’ll need to have the file ready to upload. If you’re on mobile, you will be able to upload or take a photo. If you’re on desktop and need to take a photo, you’ll need to switch to mobile.
If you do this, you need to be logged into the same wallet on the mobile device as the one used to approve the Tx when you started KYC.
Different docs are accepted depending on the country you are in. You can see the full list here.
7. SUBMIT PROOF OF ADDRESS
The full list of acceptable documents can be found here. Please note we do accept Mobile Phone Bills as POA.
8. TAKE A SELFIE
Is your selfie game strong? Ideally, this is done with a plain, light coloured background and plenty of light on your face. When you’re asked to turn your head, try be smooth and slow.
9. DOCUMENT CHECK
One last double check before submitting documentation, then push Next.
10. KYC IS PENDING
Once you’ve sent everything off, your KYC status is pending. It will show as pending on the home page and on the KYC tab. Your documents are being verified. If everything is fine, you’ll be approved. If there is an issue, you’ll be alerted to the problem, and you can rectify it.
11. VERIFICATION COMPLETE
Once your submission is approved, You will see a message saying your KYC is complete when you click on the KYC button in the navbar at the top of the site. You are now able to participate in any launch on Atlo requiring KYC.
CONTINUING ON YOUR PHONE
While it’s possible to complete KYC on your phone or your desktop, you may need to switch between the two midway through the process, perhaps to take a selfie or a photo of a physical document.
If you do this, first ensure that you have the Terra Wallet App installed on your phone, and you have connected the same wallet you used to approve the Tx at the start of the process.
Once this is done, moving onto your phone to complete KYC is easy as scanning a QR code or clicking a link.
That’s KYC in a nutshell. If you get stuck, we’re always around to assist. Drop us a line in the Telegram chat.
OH, ONE MORE THING
We mentioned in the beginning KYC includes a once-off fee. The first 5000 KYC applicants on Atlo will be charged a fee of 0.45 UST. After that, our standard fee of 3.15 UST will apply (remember you will only need to KYC once on Atlo).