At Paymonade, we take data privacy and security seriously. However, as a regulated financial service provider, we are legally required to retain certain data even after an account has been deleted.
Regulatory and Legal Obligations
Under provisions of the Due Diligence Act on Records Keeping, Paymonade must store specific transaction records and identity verification details for a legally defined period. This retention ensures that we can fulfill our obligations to financial authorities and regulatory bodies.
These requirements apply to all users and transactions, regardless of the transaction amount, to help maintain a secure and transparent financial ecosystem.
Data Retention Period
Your data is stored only for the duration required by law. After this period expires, the information is permanently deleted from our systems in accordance with data protection regulations.
How Your Data Is Used
Retained data is used solely for compliance purposes (e.g., regulatory reporting, fraud prevention, and audit verification).
Your data will not be used for marketing, profiling, or any other non-compliance purposes.
Paymonade retains transaction and identity data after account deletion to comply with legal requirements and ensure the highest standards of security, transparency, and regulatory integrity. Rest assured, your information is handled with the utmost care and deleted permanently once the legal retention period has passed.