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1. Regulatory Status
Laraware Private Limited confirms:
- We are not a Payment Aggregator
- We are not a Wallet Issuer under RBI PPI guidelines
- We operate a Closed User Group (CUG) Business Wallet
- Only registered partners can use our services
2. Service Classification
Our services are strictly B2B Technology Services supporting:
- AEPS
- BBPS
- DMT
- Utility services
- Business payouts
- Internal corporate settlements
All financial services are executed by authorized banks and NPCI.
3. Fund Flow Transparency
- All wallet loads are restricted to self-owned bank/UPI accounts
- Third-party deposits are blocked
- System controls detect suspicious wallet loads
- Transaction records maintained as per regulatory norms
4. AML & Fraud Monitoring
We comply with:
- PMLA (Prevention of Money Laundering Act)
- UIDAI Aadhaar Act
- NPCI AEPS circulars
- RBI UPI norms
- Bank/Merchant Acquiring rules
We maintain:
- Transaction monitoring
- Risk scoring
- Audit logs
- Suspicious transaction reports
5. Data Protection Compliance
We follow:
- IT Act 2000
- Aadhaar Data Security norms
- NPCI Data Storage Guidelines
- Secure encryption standards
6. Liability
Partners are responsible for:
- Source of funds
- QR misuse
- Third-party payments
- Fraudulent transactions
Laraware Private Limited is not liable for losses arising from user violations.
Contact Information
For compliance-related queries:
- Company: Laraware Private Limited
- Email: risk@laraware.com
- Website: www.nxtbanking.ai
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