Synapse Announces New Policy & Regulatory Advisory Board

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←  Back To Legal Resources

Prohibited and High-Risk Industries & Countries

Updated: July 1, 2022

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:
  • 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.
BY
Belarus
BI
Burundi
CF
Central African Republic
CD
Congo, the Democratic Republic
CU
Cuba
IR
Iran
IQ
Iraq
KP
Korea, Democratic People's Republic (North)
LB
Lebanon
LR
Liberia
LY
Libya
MM
Myanmar
NI
Nicaragua
SO
Somalia
SS
South Sudan
SD
Sudan
SY
Syria
UA
Ukraine
VE
Venezuela
YE
Yemen
ZW
Zimbabwe
RU
Russian Federation
PK
Pakistan
NG
Nigeria
AL
Albania
Balkans
Balkans (excluding Bulgaria and Romania)
TR
Turkey1
VE
Venezuela
1 Turkey, the one exception relates to Mercury - the effective date for Mercury for Turkey is 3/28/22.
If you have any questions, contact help@synapsefi.com
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* Synapse Financial Technologies, Inc. is not a Bank.

Deposit, Banking and Card services are provided by Synapse Financial Technologies, Inc.’s partner banks, Members FDIC.
Credit services are provided by Synapse Credit LLC, a licensed U.S. lender in designated States.
Global cash management services provided by Synapse Brokerage LLC, a registered broker-dealer and member of FINRA and SIPC.

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