Restricted Destination Countries
Unicorn Currencies Limited is a Bank of Canada–supervised Payment Service Provider and FINTRAC-registered Money Services Business (MSB: C100000159) serving importers and exporters with $1M+ annual FX volumes.
Understanding Country Classifications
Destination countries are classified into three categories based on sanctions regimes, FATF classifications, banking partner requirements, and our internal country risk assessment. Destination countries refer to where the beneficiary's bank account is located.
Restricted customer types and restricted jurisdictions may be served only after documented enhanced due diligence and written approval by the Chief Compliance Officer prior to onboarding and prior to the first payment, under ongoing enhanced monitoring.
Category 1: Supported Countries
Status: Payments supported with standard onboarding and documentation.
All countries not listed in Categories 2 or 3 below are generally supported, subject to transaction-level sanctions screening and case-by-case review for large or unusual payments.
Category 2: Restricted Countries — Enhanced Due Diligence Required
Status: Payments supported with enhanced review and Chief Compliance Officer approval where required.
Documentary evidence is normally required: commercial invoices or contracts; proof of goods or services; beneficial ownership; source of funds; and business relationship documentation. Processing may take 24–72 hours.
FATF Grey List (13 February 2026)
Algeria, Angola, Bolivia, Bulgaria, Cameroon, Cote d Ivoire, Kenya, Kuwait, Laos, Lebanon, Monaco, Namibia, Nepal, Papua New Guinea, Vietnam, Virgin Islands (British).
Other Enhanced Due Diligence Jurisdictions
Offshore financial centres and internal high-risk classifications, including: Albania, Argentina, Azerbaijan, Bahamas, Bangladesh, Belize, Brazil, Cambodia, China, Colombia, Egypt, Ghana, India, Indonesia, Jamaica, Mexico, Morocco, Nigeria, Pakistan, Panama, Philippines, South Africa, Thailand, Turkey, United Arab Emirates.
Jurisdictions subject to targeted UN, UK, Canadian, EU or US sanctions programmes are subject to full payment-party screening on every transaction. Where a jurisdiction also appears in Category 3, the prohibited classification prevails.
Category 3: Not Supported — Payments Prohibited
Status: Payments not supported. Attempted payments are automatically blocked and returned. No exceptions apply for the destinations listed below, including Ukraine, Haiti, South Sudan, which are prohibited outright.
Common Prohibited Destinations (18)
Aligned to the Local Business Account prohibited list published on this site:
- Afghanistan
- Belarus
- Central African Republic
- Crimea
- Cuba
- Democratic Republic of the Congo
- Haiti
- Iran
- Kazakhstan
- Myanmar
- North Korea (DPRK)
- Russia
- South Sudan
- Sudan
- Syria
- Ukraine
- Venezuela
- Yemen
Currency-Specific Notes
- USD: Additionally prohibits Puerto Rico.
- AED domestic exceptions: Kazakhstan, Puerto Rico may receive domestic AED services when an approved corporate is based there. That does not permit international AED payments to those jurisdictions. See the AED Local Business Account page.
Important Notes
Real-Time Sanctions Screening
All payments are screened against UN Consolidated List, UK Sanctions List (OFSI), Canadian Consolidated Autonomous Sanctions List, US OFAC SDN and consolidated non-SDN lists, EU Consolidated List. Payments matching any sanctioned individual or entity are automatically blocked, regardless of destination country.
Circumvention
Attempting to circumvent Category 3 restrictions through intermediary accounts or shell companies is a serious compliance violation and may result in immediate account closure and reporting to authorities.
Receiving Payments (Inbound)
These classifications apply primarily to outgoing payments (payouts). For incoming payments, contact your account manager or compliance@unicorncurrencies.com.
Policy Updates
Sanctions lists are incorporated dynamically and screened at onboarding and on an ongoing basis. FATF classifications are reviewed at each FATF plenary (February, June and October). This policy is reviewed at least annually and immediately upon material changes in sanctions regimes, FATF classifications or the firm’s risk assessment. The Chief Compliance Officer owns this document and approves all changes.
Key Questions
What are the three country categories for payments?
Category 1 (Supported): standard processing. Category 2 (Restricted): supported with enhanced due diligence and Chief Compliance Officer approval where required. Category 3 (Not Supported): prohibited — payments blocked. Ukraine, Haiti and South Sudan are Category 3 with no exceptions.
Which countries are completely prohibited?
Category 3 — no exceptions for the common list: Afghanistan, Belarus, Central African Republic, Crimea, Cuba, Democratic Republic of the Congo, Haiti, Iran, Kazakhstan, Myanmar, North Korea (DPRK), Russia, South Sudan, Sudan, Syria, Ukraine, Venezuela, Yemen. Ukraine, Haiti and South Sudan are prohibited outright. USD adds Puerto Rico. Kazakhstan is prohibited except domestic AED service for an approved corporate based there.
What is Enhanced Due Diligence (EDD)?
EDD requires commercial invoices or contracts, proof of goods or services, beneficial ownership, and source of funds. FATF grey-list and other restricted jurisdictions require documented EDD and Chief Compliance Officer approval. Processing may take 24–72 hours.
Which countries are on the FATF grey list?
As at 13 February 2026 (Category 2 only; prohibited classifications prevail): Algeria, Angola, Bolivia, Bulgaria, Cameroon, Cote d Ivoire, Kenya, Kuwait, Laos, Lebanon, Monaco, Namibia, Nepal, Papua New Guinea, Vietnam, Virgin Islands (British).
What happens if my payment is blocked?
Payments matching sanctions lists or prohibited jurisdictions are automatically blocked. Contact compliance@unicorncurrencies.com before attempting transactions to restricted destinations.
Questions?
Compliance: compliance@unicorncurrencies.com
Phone: +44 20 8064 0818