Lily was built with both privacy and security in mind. In fact, we believe that privacy is an essential component of a secure multisignature setup which is why we do not collect any information about our customers.
We are able to avoid collecting information about our customers because Lily is a desktop application hosted on our customers' computers, not in the cloud. Many legal entities refer to this as an "unhosted wallet."
For those who are curious, FinCEN guidelines for Multisignature Wallets can be found on Page 16 and 17 in FinCEN's May 2019 Guidelines on the topic.