Vellis

Acceptance Policy

Acceptance Policy

As a regulated Money Services Business, Vellis is a required to comply with laws and regulations and to operate with high ethical standards.

This is the Acceptance Policy (“Policy”) for Vellis Inc. (“Vellis”). It outlines what Prohibitions and Restrictions apply to entities, industries, countries, and transactions.

Policy applies to new applicants of Vellis and existing clients whose circumstances have altered.

Policy is for reference only, additional criteria may apply, please contact support@vellis.financial if you have any questions.

Vellis reserves the right to amend this Policy at its sole discretion and without notice.

Prohibited Entities

Businesses with the following characteristics do not qualify for Vellis services:

• Entity, shareholder, director or authorised user is blacklisted by Vellis.
• Entity, shareholder, director or authorised user is blacklisted by the Canadian government.
• Entity, shareholder, director or authorised user appears on an internationally recognised AML, CFT, sanctions or other recognised blacklist.

Restricted Entities

Businesses with the following characteristics are subject to Enhanced Due Diligence:

• Entity, shareholder, director or authorised user is Politically Exposed Person (PEP).
• Entity, shareholder, director or authorised user has adverse information.
• Shell companies with no legitimate business purpose.
• Complex corporate structures.

Prohibited Industries

Businesses with material activity in the following industries do not qualify for Vellis services:

• Adult: Goods or services related to pornography, escorting, webcam, streaming, affiliates, marketing, trafficking, violence or abuse.
• Arms: Armaments, nuclear, weapons, arms, accessories or defence manufacturers and intermediaries.
• Businesses engaged in activity prohibited by Vellis’ banking partners.
• Business practices that are malicious, deceptive, or illegal.
• Cannabis: Cultivation.
• Charities: Charitable institutions/donations not licensed by a recognised Charities Regulator, non-UK registered charities.
• Consumer: Fake or counterfeit consumer goods and services.
• Content: Creation or dissemination of prohibited content include harm, hate, threats, exploitation, defamation, or terrorism, sale of social media activity.
• Financial Services: cash businesses, cryptocurrency firms, offshore banking, cash, correspondent banking, FX and option providers, get rich quick investment schemes, credit collection agencies.
• Gaming and Gambling: Unlicensed gambling, game cheats and circumvention.
• Healthcare: Unlicensed businesses that should hold a license, chemicals, drugs, and compounds used for intoxicating effect, vitamins and supplements marketed as wonder pills.
• IT: Computer software or hardware sold via inaccurate advertisements, counterfeit software or hardware, spy products and services, excluding parent control, radar and/or cellular jammers or boosters, phone unlocking/“jailbreaking”, modification chips, unlock codes, subscription circumvention devices.

Restricted Industries

Businesses with the following characteristics are subject to Enhanced Due Diligence:

• Adult: Dating.
• Art: Fine art dealers, Jewellery and high-value accessories dealers/craftsmen.
• Businesses engaged in activity restricted by Vellis’ banking partners.
• Consumer: Auction houses.
• Cannabis: Cannabinoids (THC, CBD, CBN).
• Charities: Licensed charitable institutions/donations.
• Chemicals: Chemicals and allied products not elsewhere classified.
• Commodities: Precious metals, mining and stones dealers.
• Consumer: Alcohol, Tobacco and E-Cigarettes, Food.
• Corporate Service Providers: Legal services, unlicensed providers.
• Energy: Energy, Oil and Gas industry.
• Financial: Banks, Crowdfunding, Equity mutual and other investment funds, Quasi-cash merchants, Payment service providers, Securities-broker dealers, CFD business, Investment Trusts, Trade finance.
• Gaming and Gambling: Licensed gambling, Skill games, Sale of in-game items, currency, or credits except where the merchant is the operator of the digital world, Giveaways, Video game arcades.
• IT: Streaming services, VPN / VPS services.
• Logistics: Freight Forwarding Services, Shipping Services.
• Motor trade: Second-hand car dealers, Second-hand heavy construction equipment dealers.
• Pawnbrokers.
• Political: All Organisations, Embassies.
• Religious organisations.
• Scrap metal dealers.
• Tobacco: Producers.
• Travel and Transportation: Airlines, Travel agents and service providers, Taxicabs and limousines.
• Unregulated businesses that should hold a license.

Banned Countries

Companies with a material activity in the following countries do not qualify for Vellis services:

• Afghanistan
• Belarus
• Cuba
• Ethiopia
• Iran
• Korea, North
• Myanmar
• Russian Federation
• Sudan
• Sudan, South
• Syria
• Venezuela
• Yemen
• Temporarily Occupied Ukraine

Prohibited Countries

Companies with a material activity in the following countries do not qualify for Vellis services:

• Algeria
• American Samoa I
• Anguilla
• Antigua and Barbuda
• Aruba
• Bahamas
• Bangladesh
• Barbados
• Belize
• Bermuda
• Bosnia and Herzegovina
• Bulgaria
• Burundi
• Caymen Islands
• Cambodia
• Central African Republic
• Congo
• Congo, Democratic Republic of the
• Cook Islands
• Costa Rica
• Curacao
• Dominica
• Eritrea
• Fiji
• Gibraltar
• Guam
• Guinea
• Guinea-Bissau
• Guyana
• Haiti
• Holy See
• IRAQ
• Jamaica
• Laos
• Lebanon
• Liberia
• Libya
• Mali
• Marshall Islands
• Mozambique
• Nicaragua
• Niger
• Nigeria
• Pakistan
• Palau
• Palestine, State of
• Panama
• Philippines
• Saint Kitts and Nevis
• Saint Lucia
• Saint Vincent and Grenadines
• Samoa
• Senegal
• Seychelles
• Somalia
• South Africa
• Sri Lanka
• Tanzania
• Trinidad and Tobago
• Tunisia
• Turks and Caicos
• Uganda
• Vanuatu
• Vietnam
• Virgin Islands
• Zimbabwe

Prohibited Transactions

Transactions with the following characteristics do not qualify for Vellis services:

• Multi-layer structures.
• Transactions to/from Banned and Prohibited Countries.
• Transactions that breach relevant laws and regulations.
• Transactions that breach Vellis KYT criteria.

Restricted Transactions

Transactions with the following characteristics are subject to Enhanced Due Diligence:

• Transactions to/from High Risk countries.
• Transactions which Vellis deems fit to investigate.

Right to Re-apply

This Policy is updated at least every 6 months, applicants previously declined may reapply at any time.

Contact Vellis

Vellis Inc.

30 Eglinton Avenue West

Mississauga

Ontario L5R3E7

Canada

info@vellis.financial