ApprovalMax Pay Wallets are provided through our regulated payments partner, Currencycloud.
To comply with financial regulations, anti-money laundering (AML) requirements, sanctions, and banking partner policies, some industries, client types, and activities cannot use Wallets.
If your business falls into one of these categories, your Wallet application may not pass KYB verification, or certain payments may be declined.
Non-permitted industries
Some industries are not eligible to use ApprovalMax Pay Wallets. These include (but are not limited to):
Weapons and military equipment
Multi-level marketing (MLM)
Pawnbroking
Political organisations
Precious metals, diamonds, jewellery and luxury goods trading
Adult entertainment
Cryptoassets and cryptocurrency-related businesses
Gambling and betting
Carbon credit trading
Ponzi or pyramid schemes
Businesses involved in illegal goods or services
Mining and extraction
Scrap metal trading
Energy trading
Speculative trading
Some restrictions may vary by jurisdiction.
Non-permitted client types
ApprovalMax Pay Wallets cannot be used by certain customer types, including:
Shell banks
Financial institutions making payments on behalf of other financial institutions (nested relationships)
Unregistered charities
Additional client restrictions may apply in some countries.
Non-permitted activities
Even if your business is eligible for Wallets, certain activities are not permitted, including:
Foreign exchange (FX) speculation
Transactions involving certain cryptocurrencies
Cash-funded remittances
These restrictions help ensure that Wallets are used for genuine commercial payments.
What happens if my business isn't eligible?
If your business or intended use falls into one of these categories:
your Wallet application may not pass KYB verification;
your Wallet may not be approved;
individual payments may be declined if they don't comply with regulatory requirements.
ApprovalMax cannot override these restrictions because they are part of the regulatory requirements governing the Wallet service.
Need more information?
If you're unsure whether your business or payment activity is supported, contact the ApprovalMax Support team before completing Wallet onboarding. We'll help you determine whether ApprovalMax Pay Wallets are suitable for your business.