Custody Customer Organization - FAQ's

TABLE OF CONTENTS

• Need guidance on accepting the invite and setting up the custody customer org?
• What will the timeline be for getting the customer invite after submitting the documents? 
• How to create a team?Create Team Initiator:
• Why is a liveness check necessary?
• Why is it necessary to have two initiators for transferring Virtual Assets?
• What is the difference between admin, member, and owner?
•  How to Create and Approve Policies?

• Need guidance on accepting the invite and setting up the custody customer org?

Setting Up Liminal Customer Organization:

• Receive the Invitation: Check your email for an invitation from Liminal. 

• Accept the Invitation: Click on the “Accept Invitation” button within the email.

• Create Your Account:

  • Enter your email address

  • Create a strong password

• Enhance Security:

  • Set up Two-Factor Authentication (2FA).

  • Verify your email by clicking the link sent to your inbox.

• Access the Admin Panel: Use your credentials to log in.

• Complete KYC Process: Click on the provided Sumsub link and submit the necessary information and documents for regulatory compliance.

• What will the timeline be for getting the customer invite after submitting the documents? 

Our current response turnaround time is 24 hours on a working day.

• How to create a team?
  Create Team Initiator:

As a customer-owner, the user will have the privilege to form own “Team”. This team is designed with a unique round-robin roster of initiators, ensuring continuous initiation throughout the entire 24-hour cycle. Depending on operational needs, the team can consist of 2 to 3 members. The primary objective of this setup is to guarantee that there's always an initiator available, no matter the time of day, streamlining the process and enhancing efficiency.

• Access the Platform:

  • Log in to the Custody platform.

  • Navigate to the Vaults UI.

• Navigate to Team Settings:

  • Access the "Settings" menu from the dashboard or sidebar.

• Initiate Team Creation:

  • Within "Settings", select the "Add Team" option.

• Provide Team Details:

  • In the "Add Team" interface, input necessary details such as:

  • Team name (like finance, operations, country-wise etc.)

• Determine Minimum Initiators:

• Choose the required number of minimum initiators for the team.

  • Initiate KYC for Initiators:

• The customer owner/admin should enable the KYC toggle for all initiators.

  • After enabling, each initiator must complete the KYC process for their role as mentioned above.

• Why is a liveness check necessary?

A liveness check is essential to authenticate your identity, ensuring that the individual creating or accessing an account is physically present and not attempting fraud using a static image or video.

• Why is it necessary to have two initiators for transferring Virtual Assets?

Two initiators are required to enhance security measures and comply with the multi-signature protocol. This ensures that asset transfers undergo authorization by multiple parties, thereby mitigating the risk of unauthorized transactions.

• What is the difference between admin, member, and owner?

The difference between an owner, admin, and member within an organization's context is as follows:

• Owner: The owner has the highest level of control and authority within the organization. They can manage organization settings, user permissions, and access controls. Additionally, owners typically have the authority to make critical decisions regarding the organization's operations and strategic direction.
• Admin: Admins also have significant control over the organization's operations. Like owners, they can manage organization settings, user permissions, and access controls. In addition to these responsibilities, admins may also have the ability to initiate and authorize transactions on behalf of the organization. This role is often entrusted with managing day-to-day operations and ensuring smooth functioning.
• Member: Members have limited control compared to owners and admins. They can participate in wallet management, view transaction history, and perform necessary actions within the organization's account. However, their permissions may be restricted compared to owners and admins, focusing primarily on operational tasks rather than managerial responsibilities.

In summary, while owners have the highest level of control and authority, admins also wield significant power, including transaction initiation and authorization capabilities. Members, on the other hand, have more limited permissions and typically focus on executing tasks within the organization's account.

• How to Create and Approve Policies?

• Policy Creation:

  • When creating wallets, customer organizations are advised to establish policies as control measures against internal risks.

  • Policies can be configured from either the settings page or directly from the wallet page.

• Quorum Maker & Approval Confirmation:

  • Users can "initiate" policy settings.

  • After obtaining quorum approval, the policy goes to the designated owner/admin for final verification and authorization.

  • Implementation requires approval from members with admin and owner roles, secured with 2FA.

There are three types of policies, which are explained below:

• Whitelist Address:

  • Before requesting a transaction, ensure the destination wallet is whitelisted.

  • Set the whitelist address policy in advance.

  • Whitelisted addresses will be available in a drop-down menu during transaction requests.

• Spending Limit:

  • Enhance internal controls by setting a spending limit.

  • Define the maximum asset amount that can be transacted over a specific time frame (e.g., a cumulative amount of USD 100,000 over 24 hours).

• Transaction Limit:

  • A measure for added control set a limit on the amount for individual transactions.

  • For instance, a single transaction might be capped at USD 100,000.

• Whitelist Address:

• Before requesting a transaction, ensure the destination wallet is whitelisted.
• Set the whitelist address policy in advance.
• Whitelisted addresses will be available in a drop-down menu during transaction requests.
  

• The customer will put the address in the drop-down for whitelisting and needs to perform 2FA.

• Once done they can see the below status on the home page.

• It will be notified to the customer via email as well refer to the screenshot below.

• After approval, customers will receive the email confirmation refer below screenshots.

If you have any questions or queries please reach out to us at support@lmnl.app