During the onboarding process and at any time for the duration of an account, platforms and end-users are prohibited if they fall into the following business or industry descriptions:
• Any product/service or activity prohibited by banking partners, which currently includes:
Updated: July, 2023
- Tribal-related
- Choice of Law-related
- Offshore Business
- Adult Entertainment Businesses
- Escort Services or Encounter Groups/Clubs
- Massage Parlors (not associated with salons/chiropractic care)
- Marijuana or Illicit Drugs
- Cannabis Oil/Products
- CBD products
- “Pseudo” Products
- Nested Payment Processors
- Pyramid Scheme/Multiple Level Sales
- Shell Corporations
- Gambling Establishments
- Tax Anticipation Programs
- Tattoo Parlors
- Aircraft Dealers
- Firearms/Ammunition Sales
- Tobacco/e-cigarettes/e-liquid Sales
- Unfair, Predatory, or Deceptive Practices/Goods
- Products/Services deemed Illegal by any level of Government
- Transaction Types prohibited by Visa/Mastercard/American Express/Discover
• Any product/service considered illegal
• Counterfeit goods
• Illegal drugs or drug paraphernalia
• Foreign government, or any embassy or consulate thereof
• Illegal or unregulated gambling
• “Get rich quick” schemes
• Weapons and/or ammunitions
• Sexually oriented or pornographic products
• Online Dating Services (if known & reputable)
The following products and services are restricted by our banking partners and require prior approval from our banking partners before onboarding for use of Synapse product(s):
• Cryptocurrency Exchange Businesses
• Auctions/Auction Services and Websites
• Bail Bond Services
• Bars/Taverns (not serving food)
• Credit Restoration/Debt Relief Services
• Door to Door
• Flea Markets
• Modeling Agency
• Neighborhood Party Sales
• Resort Land Promotions
• Talent Booking Agencies
• Third Party Hotel Reservation Services
• Vitamin and Supplement Sales
• Nutraceuticals
• Nested MSBs/Nested Money Transmitters
• Bearer Shares
The following products and services have been deemed as high risk by our partner bank. Some of these industries are included in the prohibited/restricted lists above as well and should receive increased scrutiny if onboarded.
• Short term loans with high interest rates
• Merchant cash advance
• Payday Lenders
• Checking Cashing Institutions
• Credit Card Schemes
• Government Grants
• Home Based Charities
• Lifetime Guarantees
• Student Loan Assistance Companies
• Fantasy Sports
• Vehicle Sales
• Firearms/Fireworks Sales
• Ammunition Sales
• Surveillance Equipment
• Pawn Shops
• Raffle/Sweepstakes
• “As Seen on TV”
• Telemarketing
• Pharmaceutical Sales
• Tobacco Sales
The following countries have been deemed as high risk by Synapse and our partner banks. Users that are currently in prohibited countries but were on-boarded before the prohibition began should contact compliance for whitelist with additional due diligence.
Prohibited Countries
AF
Afghanistan
AL
Albania
AZ
Azerbaijan
BY
Belarus
BZ
Belize
BA
Bosnia and Herzegovina
BI
Burundi
CF
Central African Republic
TD
Chad
CD
Congo, the Democratic Republic
CU
Cuba
CY
Cyprus
ET
Ethiopia
GY
Guyana
HT
Haiti
HN
Honduras
IR
Iran
IQ
Iraq
XK
Kosovo
KG
Kyrgyzstan
LA
Laos
LB
Lebanon
LY
Libya
MK
Macedonia
ML
Mali
ME
Montenegro
MZ
Mozambique
MM
Myanmar/Burma
NI
Nicaragua
NG
Nigeria
KP
North Korea
PG
Papua New Guinea
PY
Paraguay
PK
Pakistan
PA
Panama
RU
Russia
ST
Sao Tome and Principe
RS
Serbia
SO
Somalia
SS
South Sudan
SD
Sudan
SY
Syria
TZ
Tanzania
TJ
Tajikistan
TT
Trinidad and Tobago
TR
Turkey
TM
Turkmenistan
UA
Ukraine
UZ
Uzbekistan
VU
Vanuatu
VE
Venezuela
YE
Yemen
ZW
Zimbabwe
If you have any questions, contact help@synapsefi.com
