Veriscope VASP Portal Demo

Welcome to Veriscope's VASP portal -- The complete solution to the FATF Travel Rule and regulatory compliance, globally.

Trust Anchor (TA) = VASP entity or enterprise that holds, secures or validates customer (KYC) data.

The Veriscope portal demonstrates to VASPs (Virtual Asset Service Providers) the ability to comply with FATF and multi-jurisdictional regulatory guidelines, while securing and sharing KYC data privately using blockchain technology.

Trust Anchors can cross-share sensitive data requirements, create data sharing procedures and standards of conduct that satisfy their jurisdictional frameworks.

Objective

The objective of this test scenario is to demonstrate the process and functionality of Veriscope, Shyft Network’s FATF Travel Rule solution. After following these steps you will be able to identify the sender and beneficiary of any given transaction that takes place between two users that were previously onboarded by a VASP.

This walkthrough shows the step by step on how to

  • create an account,
  • set up a Trust Anchor,
  • add users that have an account with that TA and assign them an ETH/BTC address,
  • attest to their credentials,
  • record BTC/ETH withdrawal addresses
  • immediately identify if the recipient has been onboarded by a separate TA,
  • and produce a FATF Travel Rule-compliant report that identifies both sender and beneficiary.

1 - Reguest An Invite

Visit https://veriscope.network/request to request an invite.

Enter your first & last name, and email address, and click on “Send my request”.

When your invite request has been approved you will receive an email with instructions to creating your VASP Account.

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Once you receive the confirmation email, click on “Create My Account”.

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Enter your email address and password and click on “Create My Account”.

You now have an account on the Veriscope portal. This will now enable you to create a Trust Anchor, onboard users, and link their profiles to BTC/ETH addresses.

2 - Create a Trust Anchor

The first step is to create a TA for which users can onboard and attested to. This is all done in the “Manage Your Organization” section of the portal.

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Create a new trust anchor account by entering a preferred name for the TA. For example: VASP US.

After choosing "Create TA Account", a new TA Account Address will be shown and the new TA will appear on the "Your TAs in your Organization" table.

Request to be On Boarded by Veriscope Key Signer on the Shyft Network. You are now going to request another Veriscope Key Signer to confirm and onboard your TA as a valid Trust Anchor on Veriscope. Select your Trust Anchor on the drop-down menu and click “Request Onboarding”.

Get Shyft Tokens Balance. A Trust Anchor can post attestations on the network only if it has a balance of SHFT tokens. When the Keysigners onboard and verify your TA account, your account will have a balance of 10 SHFT.

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Note: The VASP US TA has been verified and has a balance of 10 SHFT

3 - Onboard Users

Now that we have our TA account, and a balance of SHFT tokens, we are going to onboard a user and link its profile to its own BTC/ETH address. These BTC and ETH addresses simulate a typical VASP platform with user accounts and deposit crypto addresses for trading.

Click on “Manage Users” section on the top horizontal menu.

Create a new user Shyft account.

  1. Select the TA on which the user will be onboarded. At this time, only our test TA will be shown.
  2. Enter the user’s personal details, i.e., name, DOB, gender and jurisdiction.
  3. Click on “Create New User”.

A new user account address will appear. This will be the user’s Shyft account address. Additionally, the user account address will have a BTC and ETH addresses assigned. For the purposes of this test, the BTC/ETH addresses will be automatically determined and assigned.

You can now see the new user on the “Your Users in your Organization”

See here for an example user: John Smith.

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Set KYC Attestation for Shyft User Account.

The onboarded user has not yet been attested to, that is, the KYC information hasn’t been linked to the user’s Shyft address in the form of an attestation that can be found on the block explorer; so the next step is to set the KYC attestation.

  1. Select the TA from the dropdown menu.
  2. Select the User Account
  3. Select the documentation that the user sent as part of its application
  4. Select the Jurisdiction that the document belongs to.
  5. Click on Set KYC Attestation

A new Attestation Hash will be shown below.

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Set Wallet Attestation for this Shyft User account.

For this scenerio the onboarded user has requested a withdrawal of its crypto funds, and requested to the VASP to send the funds to a BTC/ETH address. This process is typical for users to withdrawal their funds from the VASP platform.

In order to satify the FATF Travel Rule for crypto transactions, your TA can set an Attestation to the withdrawal address.

  1. Select the TA from the dropdown menu.
  2. Select the User Account
  3. Select the type of Crypto Address A list of available Crypto Addresses will be shown on the dropdown menu.

These addresses have been linked to other users in this demo plaform.

Choose "Set Walet Attestation".

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A new attestation Hash will be shown below.

Also a message will appear saying “New FATF Report Available”. This means that you can now identify the sender (the user onboarded to the TA that you created), and the recipient of the funds that was onboarded by another VASP, e.g., another exchange, along with information on the attestation and KYC information.

You now have a FATF Travel Rule Report. Click on “New FATF Report Available”.

4 - FATF Travel Rule Reports

A new report is available for viewing. This is where the Travel Rule kicks in as one of your users has requested approval for a withdrawal address that has been identified and linked to a user of another VASP.

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Click on the red square on the View Details column.

The report will now become fully viewable, along with all the necessary information on the sender and beneficiary.

The Beneficiary TA will also receive this report.

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