MCY prohibited activities and countries
As a service provider, it is crucial to adhere to international regulations and compliance standards. Therefore, we have established strict guidelines to ensure the security and legality of our services. Our Multicurrency Virtual Account (MCY) solution is designed to facilitate seamless transactions across multiple currencies; however, to maintain the integrity and trustworthiness of our platform, certain activities and countries are prohibited from accessing our services.
We are committed to providing a secure and compliant financial environment. This involves preventing illicit activities such as money laundering, terrorist financing, and fraud. To this end, we continuously monitor and update our policies in accordance with global regulatory frameworks and best practices.
Prohibited Activities
The following activities are not allowed using our MCY accounts:
| Anonymous accounts | Casinos/Gambling industry entities that do not have proper licence or are licensed outside of EEA |
| Private Banking | Sanctioned persons and businesses, as well as where the sanction is very high |
| Downstream correspondent banking | Merchants included in Visa and MasterCard blacklists. |
| Companies engaged in pharmacy/food supplements | Companies which business line consists of payment services, crypto exchange and other activities that may be subject to ""nesting"" |
| Cash | Companies with incorporation form LP/LLP |
| Companies registered in Offshore Business Centres/tax havens | Arms, defence, military, atomic power |
| Charities | Other entities whose activity and fund flow have lack of economic meaning (eg: suspected shell companies) |
| CFD | Entities that business line consists of trading with Cannabis/ CBDs |
| Bestiality, Rape, Pornography | Forex |
| Non-Government Organizations | Synthetic stimulants |
| Trusts and similar arrangments | Illegal Drugs; Illegal Sale of Prescription Drugs |
| Multi-level Marketing | Unlicensed service providers |
| Arms trade | Crowdfunding, ICO’s (Initial Coin Offering), IEO’s (Initial Exchange Offering), STO’s (Security Token Offering) |
High-risks Activities
In addition to prohibited activities, certain high risk activities are subject to enhanced scrutiny and may not be eligible for MCY accounts:
| Privacy coins | Lottery |
| Gambling | Multi-level marketing |
| "Providing services to Customers that are banks, payment service providers or other types of financial institutions." |
Restricted Countries
Due to regulatory and compliance requirements, the Fincra MCY Account Product is not available for users in the following countries:
| Afghanistan | Albania | American |
| Samoa | Anguilla | Antigua and Barbuda |
| Bahamas | Aruba | Belarus |
| Bermuda | Burkina Faso | Barbados |
| Burundi | Cambodia | Cayman Islands |
| Central African Republic | Congo | Democratic Republic of the Cook Islands |
| Cuba | Curaçao | Dominica |
| Fiji | Guam | Guinea |
| Guinea-Bissau | Haiti | Iran |
| Iraq | Jamaica | Jordan |
| Korea (Democratic People's Republic of Korea) | Libya | Mali |
| Marshall Islands | Morocco | Myanmar (Burma) |
| Nicaragua | Pakistan | Palau |
| Palestine | Panama | Philippines |
| Russian Federation | Saint Kitts and Nevis | Saint Lucia |
| Saint Vincent and the Grenadines | Samoa | Senegal |
| Seychelles | Somalia | South Sudan |
| Sudan | Syrian Arab Republic | Trinidad and Tobago |
| Turks and Caicos Islands | Uganda | Vanuatu |
| Venezuela (Bolivarian Republic of Venezuela) | Virgin Islands (British) | Virgin Islands (U.S.) |
| Yemen | ||
By restricting access to our services in these countries and prohibiting certain activities, we ensure that our platform remains safe, secure, and compliant with global financial standards.
If you have any questions or need further information, please contact our support team.
Updated 6 months ago