Fairexpay

COMPLIANCE : RBI / ISO / SOC

Our Commitment to Regulatory Excellence

At Fairexpay, compliance is the foundation of every international money transfer we process. Our regulatory recognition and security certifications ensure every transaction is legally compliant, every customer's data is protected, and every transfer is handled under verified security standards.

RBI Recognised

Fairexpay is recognised under the Reserve Bank of India's Sandbox Cohort II. We operate as a digital cross-border payments platform, facilitating outward remittances under the Liberalised Remittance Scheme (LRS) in compliance with FEMA guidelines.

We work exclusively with RBI-authorized banking and financial institution partners:

  • AD-I (Authorized Dealer - Category I): Licensed banks in India authorized by the RBI to transfer money abroad.
  • AD-II (Authorized Dealer - Category II): Authorized financial institutions approved by the RBI for remittance services.

ISO 27001 Certified

Fairexpay is ISO 27001 Certified, demonstrating our commitment to international standards for information security management.

This certification confirms that our systems, processes, and controls for managing customer data and transaction information meet independently verified international security standards.

SOC 2 Type II Certified

Fairexpay holds SOC 2 Type II Certification, providing independent verification of our security controls specifically designed for service organizations that handle sensitive customer data.

Unlike a one-time assessment, SOC 2 Type II verifies that our security controls operate consistently and reliably over time.

FEMA Compliance

All Fairexpay operations strictly adhere to the Foreign Exchange Management Act (FEMA) guidelines established by the Reserve Bank of India.

Our compliance framework ensures:

  • Proper documentation and verification for all cross-border transactions
  • Adherence to the annual LRS remittance limit of USD 250,000 per individual per financial year
  • Purpose-based transaction categorization and reporting
  • Complete audit trail for every transaction

LRS Compliance

All transactions processed through Fairexpay are categorized under RBI-approved purpose codes including:

  • Education (Tuition Fees, Living Expenses, GIC & Blocked Accounts)
  • Student Accommodation Fee
  • Travel (Individual Travel, Overseas Tour Packages)
  • Medical Treatment Abroad
  • Visa Fees
  • Emigration & Emigration Fees
  • Employment Abroad
  • Exam Fees
  • Gift / Family Maintenance

KYC Compliance

Our KYC processes meet RBI regulatory standards:

  • Digital KYC Verification: Integration with NSDL (National Securities Depository Limited) for PAN verification and UIDAI (Unique Identification Authority of India) for Aadhaar verification.
  • Customer Due Diligence: Comprehensive verification of customer identity and relationship to beneficiary.
  • Close Blood Relatives Verification: As per RBI guidelines, remittances are only permitted from close blood relatives including Students, Parents, Siblings, and Spouse.
  • A2 Form Processing: Digital execution of mandatory A2 forms that state the purpose, previous remittances, and other details related to each remittance. Forms are digitally signed using e-Mudhra.

Contact

For compliance-related queries or concerns, please reach out to our compliance team.

Note: Compliance requirements and regulations are subject to change. For the most current information, please contact our compliance team.