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What are the restricted businesses on Truly Financial?
Truly Financial supports most business types (like Incorporated, LLC, Partnership, and Solopreneurs), but we do have some restrictions on the industry type we may not be able to serve.
Here`s the list of businesses Truly Financial doesn’t accept as a customer. These include but are not limited to:
- Age-restricted goods or services
- Counterfeit goods and Illegal Products & Services
- Drug Paraphernalia and any equipment designed for making or using drugs, such as bongs, vaporizers etc
- Drug type substances – sale of a legal substance that provides the same effect as an illegal drug (e.g., salvia, kratom)
- Drugs and illegal substances
- Gaming Companies, their principals, and their payment processors and companies whose main source of revenue is derived from either the development of gambling software or hosting environments
- Law firms collecting funds for any purpose other than to pay fees owed to the firm for services provided by the firm
- Lottery & Get rich quick schemes
- Marijuana dispensaries and related businesses (such as manufacturers, dispensers, and those engaged in medical marijuana), including companies whose main source of revenue is derived from this type of activity
- Missions, embassies and consulates
- Money services businesses
- Mugshot publication or pay-to-remove sites or any other platform, site or publication which is designed to cause reputational harm
- Online pharmacies
- Political Groups
- Products and services with varying legal status on a state-by-state basis.
- Resale of government offerings without authorization or added value; businesses & sites that we determine in our sole discretion to be unfair, deceptive, or predatory towards consumers
- Sale of tobacco, e-cigarettes, and e-liquid
- Sale of Twitter followers, Facebook likes, YouTube views, and other forms of social media prohibited activity
- Services, pharmaceuticals and other products that make health claims that have not been approved or verified by the applicable local and/or national regulatory body
- Unauthorized sale or resale of brand name or designer products or services
- Weapons, arms, munitions, military or police equipment of any kind; gunpowder and other explosives; fireworks and related goods; toxic, flammable, and radioactive materials
As part of our ongoing commitment to mitigate the risk of money laundering & terrorist financing, Truly Financial has placed a number of restrictions on the type of industries, activities and countries we are able to support and service. The list of industries below is indicative and is not exhaustive, nor does it comprise a complete list of prohibited activities or industries.
High-risk businesses or Suspicious activity
- Adult Content & Services – including adult entertainment businesses, prostitution, escort services and sexually-oriented or pornographic products and services
- Anonymous or numbered accounts or Customers seeking to maintain an account in an obviously fictitious name
- Bankruptcy lawyers
- Carbon Credits
- Charities and Not-for-profit organizations
- Collection agencies
- Countries, governments, entities and individuals subject to sanctions or included in any applicable internal lists
- Crypto Currencies
- Customers exited for financial crime concerns. In addition, customers or related parties where there is a strong suspicion or direct evidence that criminal activity has taken place, where a criminal offence has been committed and charges have been brought or where there is a suspicion of terrorist financing
- Investment opportunities or other services that promise unusually high rewards
- Multi-level marketing, Pyramid schemes & network marketing
- Payday lenders, their owners and principals
- Precious Metal Groups
- Sale of goods or services that are illegally imported or exported
- Sale of in-game currency unless the merchant is the operator of the virtual world
- Shell Banks
- Shell Companies
- Speculative Trading
Note: while we attempt to provide as exhaustive list of products, organizations and high-risk businesses that we cannot offer our services for, this list does not purport to be a commentary on the legality or otherwise of such businesses, and is only a disclosure of the business types that do not fall within the purview of our compliance policy and risk appetite.