Liminal Wallet Infrastructure & Custody Solutions Releases Significant Platform Improvements To Help Web3 Companies Satisfy PMLA Requirements

Liminal, a leading wallet infrastructure & custody solutions platform, launched its latest platform update to help web3 businesses in India comply with the Prevention of Money Laundering Act, 2002 (PMLA). Indian PMLA guidelines took effect on March 10, 2023. These guidelines require businesses to follow the Travel Rule, Transaction Monitoring, Suspicious Transaction Reporting, and Record Keeping pillars of anti-money laundering and counter-terrorist financing.

Liminal has updated its platform and partnered with leading providers to create a secure, compliant infrastructure to meet these guidelines. This update guarantees PMLA compliance for any web3 business/project or exchange onboarding Liminal. Features like:

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a) Travel Rule – Liminal has integrated with Notabene, a leading provider of Travel Rule solutions, to ensure Web3 business transactions comply with Travel Rule requirements.

b) Transaction Monitoring – The custodial platform integrates with a leading Suspicious Transaction Monitoring provider to monitor transactions for suspicious activity. Liminal also integrates third-party providers.

c) Record Keeping – Businesses can retrieve transaction data from the guidelines’ prescribed period.

d) Reporting – Liminal’s platform can generate reports in prescribed formats for submission.

Liminal’s platform update helps web3 businesses in India comply with PMLA guidelines, ensuring legal compliance. The update protects businesses’ finances and customers’ data and privacy. Liminal’s Wallet Infrastructure and custody solution helps Indian web3 companies comply with the law. The platform innovates and adds features to create a compliant ecosystem. CCSS-QSP Level 3, ISO 27001:2013, 27701, and SOC2 Type1 and Type2 certifications demonstrate their security and compliance commitment. Liminal can guarantee user security and privacy with these certifications.

“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 which 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.”

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