New Delhi, March 28, 2023: Liminal, a leading wallet infrastructure & custody solutions platform, announced the launch of its latest platform update designed to help web3 businesses comply with the Prevention of Money Laundering Act, 2002 (PMLA) guidelines in India.
PMLA guidelines introduced by the Government of India have been made effective from 10 March 2023. As per these guidelines, businesses are required to comply with the following pillars of anti-money laundering and counter-terrorist financing, including but not limited to Travel Rule, Transaction Monitoring, Suspicious Transaction Reporting and Record Keeping.
To adhere to these guidelines, Liminal has updated its platform to come up with a state-of-the-art infrastructure by partnering with leading providers to ensure that every transaction processed via Liminal is secure and compliant. Under this update, any web3 business/project or exchange onboarding Liminal can be assured that their business is compliant with the new PMLA guidelines. This includes features such as:
a) Travel Rule – Liminal has integrated with Notabene, a leading provider of Travel Rule solutions, to ensure that transactions of Web3 businesses comply with the Travel Rule requirements.
b) Transaction Monitoring – The custodial platform has integrated with a leading provider of Suspicious Transaction Monitoring solutions to ensure that transactions are monitored for any suspicious activity. In addition to this, Liminal can integrate any third-party provider as well.
c) Record Keeping – All the transaction information will be stored for the prescribed period as per the guidelines, enabling businesses to retrieve any information as requested by investigating authorities.
d) Reporting – Reports can be generated in the prescribed formats to allow submission directly from Liminal’s platform.
Liminal’s platform update is designed to help web3 businesses in India become compliant with PMLA guidelines, ensuring that they remain compliant with the applicable laws and regulations. The update also helps businesses protect their customers’ data and privacy while ensuring that their finances remain safe and secure.
“At Liminal, we are committed to providing our users with a compliant platform for managing their digital assets,” said Manan Vora, SVP- Strategy & Business Operations at Liminal. “With the launch of our latest platform update, we are proud to offer web3 businesses in India the tools they need to comply with the newly released PMLA guidelines, ensuring that the Web3 businesses are able to operate with greater security and confidence in the ever-evolving business landscape. Hence, creating a larger regulated ecosystem.”
Commenting on the new update, Akash Bansal, CEO of Flitpay and Liminal user, said, “Complying with AML and Travel Rule compliance comes across as a very daunting task. The latest update from Liminal’s wallet infrastructure is a much-needed addition that will ensure that we are compliant with the PMLA guidelines. We are looking forward to working with Liminal and using these new tools to ensure that we are compliant with the newly released PMLA guidelines. Liminal’s regulatory readiness program has always helped us stay compliant in this continuously evolving regulatory landscape.”
Liminal’s Wallet Infrastructure and custody solution is dedicated to helping web3 businesses in India comply with the applicable laws and regulations. The platform is continuously innovating and adding new features to create a compliant ecosystem. Their commitment to security and compliance is further demonstrated by their recent attainment of CCSS-QSP Level 3 certification, ISO 27001:2013, 27701, and SOC2 Type1 and Type2 certifications. With these certifications, Liminal is well-positioned to provide the highest levels of security and privacy for its users.
