Liminal, a leading crypto wallet infrastructure and custody solutions platform, has 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.
India Brings Digital Assets Under PMLA Regulations
India recently extended its financial laws to include virtual asset businesses, such as cryptocurrencies, under the Prevention of Money Laundering Act (PMLA). This means that Indian crypto exchanges are now required to report any suspicious activities to the Financial Intelligence Unit India (FIU-IND). The updated PMLA guidelines, which came into effect on 10 March 2023, aim to prevent money laundering and terrorist financing through the regulation of virtual assets in the country.
The new PMLA guidelines mandate that businesses must adhere to key anti-money laundering and counter-terrorist financing measures, which include Travel Rule compliance, Transaction Monitoring, Suspicious Transaction Reporting, and Record Keeping.
These measures are designed to ensure that virtual asset businesses in India operate with greater security and transparency, while protecting the financial system from illegal activities.
Liminal now helps web3 businesses adhere to the new PMLA guidelines
Liminal has partnered with leading infrastructure providers to create a state-of-the-art infrastructure that adheres to the new PMLA guidelines.
With this update, Liminal assures web3 businesses, projects, and exchanges that they can onboard the platform with confidence, knowing that every transaction processed through Liminal is secure and compliant.
The platform’s cutting-edge technology and strategic partnerships enable businesses to easily comply with the latest regulations, while ensuring the highest level of security and transparency.
Liminal recently partnered with Notabene, a leading provider of Travel Rule solutions, to ensure that transactions of web3 businesses comply with the Travel Rule requirements.
The custodial platform has also 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. 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.
Reports can be generated in the prescribed formats to allow submission directly from Liminal’s platform.
“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.
Manan Vora mentioned that the latest update 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.
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.
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,” Akash added.
Liminal Empowers Leading Indian Cybercrime Investigation Agency with Secure Self-Custody Infrastructure for Seized Digital Assets
Liminal has recently partnered with a leading cybercrime investigation agency in India to assist in the secure storage of seized digital assets. As part of this partnership, Liminal will provide the agency with reliable and secure self-custody infrastructure to store cryptocurrencies that have been impounded under investigations.