Prohibited Activities

iBnk is a global brand under which a group of licensed affiliated entities provides regulated payments services across Canada, Australia, and the United States, working with regulated banking partners — including Singapore Gulf Bank (SGB) for Named Virtual Accounts. The list below sets out the jurisdictions, business types, and transaction categories that are not permitted on the iBnk platform. It applies in addition to our Terms of Use and Privacy Policy, and may be updated as regulatory, partner, or risk requirements change.

I.Account Eligibility

A. Geographic Restrictions

iBnk accounts cannot be opened by individuals or businesses resident, domiciled, or operating from the following jurisdictions:

• Belarus
• Crimea, Donetsk, and Luhansk regions of Ukraine
• Cuba
• Iran
• Mainland China
• Myanmar
• North Korea
• Russia
• Syria
• Venezuela

Additional jurisdictions appearing on FATF, FINTRAC, AUSTRAC, or US Treasury watchlists may be subject to enhanced due diligence and reviewed on a case-by-case basis by iBnk and our banking partners.

B. Prohibited Business Types

The following business activities are not eligible for an iBnk account:

• Distribution or sale of illegal substances or controlled drugs without appropriate licensing
• Human trafficking, prostitution, or escort services
• Sale of counterfeit goods or unauthorised intellectual property
• Pyramid schemes, Ponzi schemes, or other deceptive financial structures
• Production or distribution of illegal digital content (including child sexual abuse material)
• Political campaign or candidate fundraising platforms operating outside applicable disclosure rules
• Production, sale, or distribution of weapons of mass destruction and related materials

C. Restricted Business Types (Enhanced Review)

The following business types may use iBnk only after additional licensing, ownership, and compliance documentation has been reviewed and approved:

• Money service businesses, payment processors, and remittance services
• Cryptocurrency exchanges, custodians, and other virtual asset service providers
• Charities, NGOs, and not-for-profit fundraising organisations
• Precious metals and high-value goods dealers
• Adult content platforms and creator economy services
• Licensed gambling, betting, and fantasy sports operators
• Lending and consumer-credit providers

II.Transaction-Level Prohibitions

A. Geographic Transaction Restrictions

iBnk will not process transactions to or from the following jurisdictions:

• Cuba
• Iran
• North Korea
• Russia
• Syria
• Crimea, Donetsk, and Luhansk regions of Ukraine
• Venezuela (in respect of sanctioned entities and government bodies)

B. Prohibited Transaction Categories

Regardless of jurisdiction, iBnk does not permit transactions related to:

• Drug-related purchases (including marijuana, cannabis, and CBD where prohibited or unlicensed)
• Dark web marketplaces, ransomware payments, or cybercrime services
• Unlicensed online pharmacies
• Firearms, ammunition, or explosives outside lawful and licensed channels
• Hazardous, radioactive, or chemical materials without applicable regulatory clearance
• Escort or adult-services payments
• Unlicensed auction or marketplace platforms
• Unregulated payday loans or predatory lending
• Unauthorised brokerage or sale of personal data
• Endangered species, protected wildlife, or related products
• Pyramid or multi-level marketing structures
• Counterfeit goods
• Illegal or unregulated gambling and betting
• Adult content that violates applicable laws
• Unauthorised securities offerings or unregistered fundraising activities

III.Sanctions Compliance

iBnk and its banking partners are required to comply with sanctions programmes administered by:

• United Nations Security Council
• United States — Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN)
• Canada — Public Safety Canada, Department of Foreign Affairs (Special Economic Measures Act and Justice for Victims of Corrupt Foreign Officials Act listings), and the Office of the Superintendent of Financial Institutions (OSFI)
• Australia — Department of Foreign Affairs and Trade (DFAT) Consolidated List, administered alongside AUSTRAC supervisory expectations
• Singapore — Monetary Authority of Singapore (MAS)
• European Union — EU Council sanctions
• United Kingdom — Office of Financial Sanctions Implementation (OFSI)

Transactions involving sanctioned individuals, entities, vessels, aircraft, or jurisdictions are prohibited and will be blocked or rejected. Where required, iBnk will report blocked transactions to the relevant authority.

IV.Anti-Money Laundering & Counter-Terrorism Financing

iBnk maintains AML/CTF programmes designed to comply with the regimes that apply across our operations, including:

• Canada — Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), supervised by FINTRAC
• Australia — Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), supervised by AUSTRAC
• United States — Bank Secrecy Act (BSA) and USA PATRIOT Act, supervised by FinCEN

The following activities are strictly prohibited:

• Structuring transactions to avoid reporting or threshold requirements
• Laundering proceeds from illegal or unlawful activity
• Financing terrorism or designated terrorist organisations
• Providing false, misleading, or fraudulent information during KYC, KYB, or ongoing due diligence
• Transacting on behalf of, or for the benefit of, sanctioned parties
• Operating as a nominee or front for an undisclosed beneficial owner

V.Enforcement & Violations

iBnk may, at its sole discretion and where consistent with applicable law: suspend, freeze, or terminate accounts; block, hold, or reverse transactions; cooperate with our banking partners' investigations; and report activity to the relevant supervisory authority — including FINTRAC (Canada), AUSTRAC (Australia), FinCEN (United States), or any other regulator or law-enforcement body where reporting is required. Where required by law, we may withhold the fact of any such action from the affected user.

VI.Updates

This list may be updated from time to time to reflect changes in regulation, sanctions, our risk policies, or our partners' requirements. Updates take effect when posted to this page with a revised effective date.

VII.Contact

Questions about this list, eligibility, or to report suspected misuse of the iBnk platform:

Email: support@ibnk.xyz

iBnk services are provided by a group of licensed affiliated entities operating under the iBnk global brand in Canada, Australia, and the United States. No single entity controls the others; each is independently licensed in its own region. Region-specific registration details are available on request.