What industries are not supported by TrueLayer?

Activities and Business

Description

Activities or businesses intended to obfuscate the origin of funds, opaque corporate structures  or sanction risk exposure.

• Obfuscation of funds to aid money laundering, terrorist financing, human trafficking, animal trafficking, bribery and corruption and/ or tax evasion.
• Shell companies, opaque, overly complex corporate structures, or created with bearer shares.
• Activities or business with links to sanctioned countries, sanctioned individuals or groups. 

Adult

• Adult services connected to human trafficking; sexually-related services such as prostitution, escort services, mail-order brides, strip clubs, adult live chats, and adult phone service.
• Any service related to paedophilia, non-consensual sexual activity, sexual exploitation of a minor and acts of bestiality. 

Arms / Dual Use Goods/ Spy Tools

• Weapons and munitions; gunpowder and other explosives. 
• Hazardous materials including fireworks (chemical, radioactive, biohazard, corrosive, caustic, volatile, toxic, combustible).    
• Card data collectors, keyloggers, jammers, modchips.

Deceptive or unfair products or services

• Practices, products or services that we in our sole discretion determine to be:
• Unfair, misleading or deceiving to consumers.
• Discarding or avoiding consumer protection laws or predatory towards consumers in any other way.

Extraction of data via AIS for the sole purpose of selling the data to a third party

• The use of AIS to sell data to a third party on a marketplace or otherwise without the provision of a payment or data service to the end-user 

Political or religious organisations engaged in hate speech, discrimination or violence 

• Promoting harm against or directly attacking or threatening any group or person based on race, religion, disability, gender, sexual orientation, national origin, or any other immutable characteristic.

Products or services provided without an appropriate licence required by law, regulation or the legal owners permission.

• Product or service that directly infringes or facilitates infringement upon a trademark, patent, copyright, or trade secrets.
• Counterfeit or other licensed materials.
• Unauthorised sale of brand name/ designer products (where authorised brands grant licenses for their resale).
• Goods or services that are illegally imported or exported. 

Products which involve circumventing currency controls

• Products which involve payment flows which breach regulations governing the sales and purchase of certain foreign currencies.

Products that involve the use of an Informal Value Transfer System

• The “IVTS” refers to any system, mechanism, or network of people that receives money for the purpose of making the funds or an equivalent value payable to a third party in another geographic location, whether or not in the same form. The transfers generally take place outside of the conventional banking system through non-bank financial institutions or other business entities whose primary business activity may not be the transmission of money.

Unregulated Financial Services (where licensing required) 

• Pyramid schemes / multi-level marketing (ML)
• Ponzi schemes and Penny Auctions
• Hawala
• Un-licensed FX broker
• Binary options
• Get rich quick schemes, referrals or marketing programmes (Where the proposal is to pay high rates of return over a small period in return for a small investment)
• Unlicensed Gambling (e.g. provision of services using offshore licence)
• Unlicensed Crypto Currencies, Exchanges or related services

Unlicensed gambling and gaming firms (where licensing is required)

• Unlicensed gambling and gaming firms where their business model necessitates a licence from one or more regulators

Unregulated Services that are High Risk

• Unregulated pharmaceuticals/food supplements (e.g.“nutraceuticals”)
• Unlicensed charities
• Unlicensed sale of animals