Senior HR Officer
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Dear Customer, We have launched AI powered KYC & KYB facility for New customer account opening.
GLOBAL RESTRICTED AND PROHIBITED BUSINESSES
Some industries may not be allowed to work with MEX Money in order to meet our internal and external obligations. This is based on a lot of different things, like the ones listed below,
The types of businesses listed below are representative, but not exhaustive. MEX Money may in its sole discretion decide to restrict or prohibit any other categories, products or services not listed below.
Businesses that offer illegal products or services are never eligible to use MEX Money.
If you are uncertain as to whether a business is prohibited or restricted or you have questions about how these requirements apply to your clients, please contact MEX Money compliance team firstname.lastname@example.org
RELATIONSHIP WITH MEX MONEY
Depending on the business model and products or services offered by the client, restrictions or prohibitions may apply.
As a first step, identify whether you are a ‘Merchant’ or a ‘Platform Partner’.
Following that, check the subsequent section to see if any restrictions or prohibitions apply to your business.
WHO IS A MERCHANT?
A business that sells products/services to its customers in its own name and on its own responsibility, such as a grocery store or online retailer that sells products from various brands, including its own brand and its franchisees.
WHO IS A PLATFORM PARTNER?
Any partner or platform merchant connected to the MEX Money network enabling another party (third party or sub-merchant) to use the MEX Money services to collect or disburse funds for selling their products and services through the services of such Platform Partner.
If your business is connected to the MEX Money network through a Platform Partner business (for example, a marketplace/platform, payment facilitator), the restrictions in this category also apply to you. Restrictions applicable on Platform Partners will also apply to their sub-merchants.
RESTRICTED AND PROHIBITED PRODUCTS AND SERVICES
The list below shows the products and services that are restricted or prohibited from using MEX Money services for ‘Merchant’ business model and ‘Platform Partner’ business model. The types of businesses listed below are representative, but not exhaustive.
“R” indicates that your products or services offering is restricted. We will require additional documentation prior to onboarding.
“P” indicates that the business or service is prohibited from using MEX Money ’s services. When entering into an agreement with MEX Money and using MEX Money ’s services you are confirming that you are not offering or are affiliated to the products or services listed as prohibited. For example, airline services or financial services through a Platform Partner is prohibited.
Prohibited and Restricted Products and Services
Applicable to Merchants
Applicable to Platform Partners
Adult entertainment, website or contents such as:
• Sexually oriented items such as sex toys • Adult escorts, prostitution services and massage parlours • Child pornography • Male or female sexual enhancement supplements or products • Video texting or paid subscriptions to live-streaming where it involves adult erotic content or conversations • Gentleman’s clubs, strip clubs and topless bars
Credit repair services
Drugs or drug proprietors selling illegal substances
Drug paraphernalia that involves equipment designed for making or using drugs
Marijuana, CBD/THC related products and businesses
Gambling providers or transactions including games of chance
Human remains and body parts
Mail-order brides services
Poisonous and hazardous materials
Products/services promoting abuse, hatred, racism, religious persecution, terrorism, violence or contain offensive content
Pyramid or ponzi schemes
Sanction list inclusions (global)
Shell banks and companies
Signal jammers/blockers that interferes with cellular/communication devices
Products and services that infringe intellectual property rights
Tobacco / cigar / electronic cigarette / nicotine content products
Trade of weapons, ammunitions, military armaments, explosive devices and firearm parts
Corporates with bearer share
Online Travel Aggregators (OTAs)
Marketplaces, including crowdfunding, and on-demand Services
Financial services, including but not limited to:
• Money transmitters / money services businesses • Investment and brokerage services • Insurance services • Lending services • Payroll services • Buy Now Pay Later services • Crowdfunding • Debt collection agencies • Neobanks / challenger banks
Gold and precious metal dealers (physical or online)
Virtual currency service providers
Charities or not-for-profit organisations
Online dating services
Fantasy sports leagues, e-sports gaming or tournaments
Games of skill where participants receives cash or cash-equivalent prizes
Video game or virtual world credits
Private medical practice and/or online doctor consultation (e-doctor)
Drugs and pharmaceuticals
Products or services related to religious, political or social campaigning
Get rich quick schemes including investment opportunities or other services that promise high rewards to mislead consumers; schemes that claim to offer high rewards for very little effort or upfront work; sites that promise fast and easy money.
Remote computer assistance
E-learning, online tuition