Prohibited Businesses & Sanctioned Jurisdictions

Our Commitment to Compliance

Unicorn Currencies operates as a FINTRAC-registered Payment Service Provider (PSP) with RPAA authorization from the Bank of Canada. We deliver cross-border payment services through a network of FCA-authorized Electronic Money Institutions and Payment Service Providers. We maintain strict adherence to international sanctions regimes, anti-money laundering regulations, and counter-terrorist financing requirements across all jurisdictions in which we operate, in partnership with our regulated payment infrastructure providers.

This policy outlines the categories of businesses and jurisdictions with which we cannot conduct business. These restrictions protect our clients, our platform, and the integrity of the global financial system.

Prohibited Business Categories

Unicorn Currencies does not provide services to businesses operating in or facilitating the following sectors:

Financial Crime & Illegal Activities

• Money services businesses (MSBs) that are unlicensed or operating without proper regulatory authorization
• Cryptocurrency exchanges, mixers, tumblers, or unlicensed digital asset platforms
• Businesses involved in money laundering, terrorist financing, or sanctions evasion
• Shell banks or banks with no physical presence in any jurisdiction
• Entities engaged in fraud, Ponzi schemes, pyramid schemes, or other deceptive practices
• Counterfeit goods manufacturers or distributors
• Unlicensed payment processors or payment facilitators

Adult Content & Services

• Pornography production, distribution, or hosting platforms
• Adult entertainment venues or escort services
• Dating services with adult or escort components
• Any business involving sexual content or services

Gambling & Gaming

• Online gambling platforms, casinos, or betting operations (licensed or unlicensed)
• Fantasy sports platforms involving real-money wagering
• Lottery services or sweepstakes with cash prizes
• Skill-gaming platforms that involve monetary stakes

Controlled Substances & Paraphernalia

• Cannabis cultivation, distribution, or retail (including CBD products where legally ambiguous)
• Recreational marijuana businesses in any jurisdiction
• Drug paraphernalia manufacturing or sales
• Unlicensed pharmaceutical distribution or compounding
• Businesses selling psychoactive substances or designer drugs

Weapons, Explosives & Dangerous Materials

• Firearms, ammunition, or weapons manufacturers and dealers
• Military equipment or defense contractors (excluding approved government contracts)
• Explosives, fireworks, or incendiary device manufacturers
• Chemical or biological weapons components
• 3D-printed weapon file distribution or related services

High-Risk Financial Services

• Payday lenders or high-interest short-term lending operations
• Pawn shops or title loan businesses
• Check cashing services without proper licensing
• Debt collection agencies engaged in aggressive or illegal practices
• Credit repair services making false claims
• Multi-level marketing (MLM) businesses with pyramid characteristics

Tobacco & Vaping

• Tobacco manufacturers, distributors, or retailers
• E-cigarette and vaping product companies
• Smokeless tobacco or nicotine product manufacturers

Pseudo-Pharmaceuticals & Unregulated Health Products

• Unlicensed online pharmacies or prescription drug sellers
• Businesses selling unapproved medical devices or treatments
• Stem cell therapy providers without proper medical authorization
• Companies making unsubstantiated health claims

Intellectual Property Infringement

• Businesses selling pirated software, movies, music, or digital content
• Counterfeit luxury goods manufacturers or distributors
• Patent or trademark infringing operations

High-Risk Merchant Categories

• Telemarketing or outbound sales operations with high chargeback rates
• Get-rich-quick schemes or business opportunity scams
• Pseudo-religious or cult organizations engaged in financial exploitation
• Businesses with excessive consumer complaints or regulatory actions

Sanctioned Countries & Jurisdictions

Unicorn Currencies complies with comprehensive sanctions programs administered by OFAC (USA), OFSI (UK), Global Affairs Canada, European Union Sanctions, and United Nations Security Council Sanctions.

Comprehensively Sanctioned Jurisdictions

We do not conduct business with individuals, entities, or businesses located in or transacting with: Cuba, Iran, North Korea (Democratic People's Republic of Korea), Syria, Russia (comprehensive financial restrictions including SWIFT disconnection for major banks), Belarus (targeted sanctions due to support for Russian military actions), Crimea, Donetsk, and Luhansk regions of Ukraine (illegally annexed territories).

High-Risk & Non-Cooperative Jurisdictions

The following jurisdictions are subject to enhanced due diligence, and in most cases we cannot provide services: Afghanistan (Taliban-controlled; comprehensive restrictions), Myanmar (Burma) — military junta sanctions, Venezuela — government and petroleum sector sanctions, Yemen — conflict zone with limited financial infrastructure, Zimbabwe — targeted sanctions on government officials and entities, Sudan — limited sanctions; enhanced due diligence required, Somalia — conflict zone; arms embargo, Libya — conflict zone; asset freezes on certain entities, Lebanon — enhanced due diligence due to Hezbollah financing risks, Iraq — enhanced due diligence; limited to specific sectors.

FATF Grey and Blacklisted Jurisdictions

We apply enhanced due diligence or restrictions to jurisdictions identified by the Financial Action Task Force (FATF) as having strategic AML/CFT deficiencies, including but not limited to: Democratic Republic of Congo, Mozambique, Tanzania, Nigeria (enhanced monitoring), South Africa (enhanced monitoring), United Arab Emirates (enhanced monitoring), Pakistan (recently removed but under observation), Panama (enhanced due diligence). This list is dynamic and updated regularly based on FATF assessments.

Tax Havens & Offshore Financial Centers

While not comprehensively prohibited, the following jurisdictions require enhanced beneficial ownership verification and source of funds documentation: British Virgin Islands, Cayman Islands, Seychelles, Marshall Islands, Vanuatu, Belize.

Restricted Currencies

Unicorn Currencies does not facilitate transactions in: Iranian Rial (IRR), North Korean Won (KPW), Syrian Pound (SYP), Russian Ruble (RUB), Belarusian Ruble (BYN), Venezuelan Bolívar (VES), Cuban Peso (CUP/CUC), Crimean Ruble (unrecognized currency), Afghan Afghani (AFN).

Designated Individuals & Entities

Unicorn Currencies screens all clients, beneficial owners, directors, and transaction parties against: OFAC SDN List, UK HM Treasury Consolidated List, Canadian Consolidated Autonomous Sanctions List, EU Consolidated Sanctions List, UN Security Council Consolidated List, Interpol and national law enforcement watch lists, Politically Exposed Persons (PEP) databases. Any match or potential match results in automatic transaction blocking and investigation.

Enhanced Due Diligence Triggers

Even for businesses not explicitly prohibited, the following circumstances trigger enhanced due diligence and may result in service denial: beneficial ownership structures involving sanctioned jurisdictions; transactions routed through high-risk correspondent banks; unclear or inconsistent business models relative to transaction patterns; newly formed entities without established trading history (less than 12 months); frequent changes in ownership or business structure; transactions inconsistent with stated business purpose; unwillingness to provide source of funds documentation; use of nested accounts or multiple intermediaries without clear business justification.

Compliance Monitoring & Updates

This policy is reviewed and updated quarterly or immediately upon changes to sanctions regimes. Our compliance team monitors: OFAC, OFSI, and Global Affairs Canada sanctions updates (daily); FATF public statements and grey/blacklist modifications (monthly); regulatory guidance from FINTRAC, FCA, and FinCEN (ongoing); geopolitical developments affecting sanctions compliance (real-time).

Key Questions