FAQ: What businesses are listed as "restricted businesses" for bank accounts?

Options
James Dean
James Dean Expensify Success Coach - Admin, Expensify Team, Expensify Student Ambassador Posts: 3 Expensify Team
edited February 22 in Advanced Admin Controls

Our partner banks restrict the following types of businesses from connecting their bank accounts to Expensify:

  • Security Brokers/Dealers
  • Dating/Escort Services
  • Massage Parlors
  • Betting/Foreign Casinos/Casino Gambling
  • Non-FI, Money Orders
  • Wires, Money Orders
  • Government-Owned Lotteries
  • Government Licensed Online Casinos (Unlawful/unlicensed Internet gambling organizations)
  • Government Licensed Horse/Dog Racing
  • Internet gambling
  • Businesses that engage in, facilitate or support the crypto-currency/NFT industry
  • Any individual or entity that deals in the bulk exchange of virtual currency (ex. Cryptocurrency, Convertible Virtual Currencies (CVC), c) such as crypto exchanges, dealers, etc. 
  • Marijuana-related businesses (includes marijuana-related legitimate businesses) and
    • Hemp related businesses to the extent that business is engaged in the growing, processing and manufacturing of Hemp. [NOTE: Retail entities who distribute hemp-related products that are deemed to be legal under the 2018 Farm Bill are not prohibited under this section.]
  • Firearm-related businesses (manufacturing and selling)
  • Shell banks and foreign shell companies
  • Legal entities whose Ultimate Beneficial Owners (or UBOs) cannot be verified 
  • Unregistered/unregulated charitable organizations
  • Unregistered hedge funds
  • Unlicensed and/or unregistered Money Service Businesses (MSB)
  • Bearer Share companies

Any individual or entity that:

  • Presents forged or false documents
  • Refuses to cooperate or deliberately obstructs the CIP, CDD or EDD process, or insists on anonymity.
  • OFAC-sanctioned individuals, entities, countries, and/or governments

Prohibited Industries are not allowed to use Expensify's ACH payment feature. Please reach out to concierge@expensify.com if you have any further questions.

Flag · Accept Answer Off Topic Insightful Vote Up Awesome

Comments

Categories