Restricted Industries

At B2, we take pride in being a licensed business and a responsible global corporate citizen. Our commitment to excellence extends beyond our services to ensuring full compliance with international regulations, including the Monetary Authority of Singapore’s (MAS) guidelines and global Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) obligations. As such, we do not provide services to customers involved in, generating income from, or having any direct or indirect dealings in the industries listed below.

Please note that the list below is not exhaustive and may be updated periodically based on regulatory changes or internal policies. If you have any questions about whether your business falls within a restricted category, please contact our Risk & Compliance Team here for further clarification.

Prohibited Industries

• Anonymous Accounts and Shell Banking/Companies – Including unregistered or unlicensed financial service providers.
• Gambling and Gaming – Including online gambling platforms, casinos, lotteries, or related activities.
• Debt Collection, Recovery, or Restructuring – Businesses engaged in debt recovery, settlement, or restructuring services.
• Weapons and Military Equipment – Manufacturing, trading, or distributing firearms, ammunition, explosives, or other items with potential military applications.
• Pornography and Adult Content – Including the production, distribution, or hosting of adult or violent content.
• Illegal Drugs and Narcotics – Including cultivation, distribution, or sale of cannabis and other prohibited substances.
• Unlicensed Money Service Businesses (MSBs) – Including money remittance, currency exchange, and payment service providers operating without proper licensing.
• Multi-Level Marketing and Pyramid Schemes – Including Ponzi schemes or similar financial structures.
• Tobacco and Alcohol – Including the production, sale, or distribution of tobacco products, e-cigarettes, or alcohol.
• Precious Metals and Stones Trading – Including trading in gold, silver, diamonds, or other high-value commodities.
• Illegal Products and Services – Including stolen goods, counterfeit products, or services that violate intellectual property rights or privacy laws.
• Endangered Animal Products – Trading restricted or endangered species and related products.
• Archaeological or Cultural Relics – Sale, distribution, or trade of items of cultural significance.
• Unlicensed Businesses – Businesses that operate in regulated industries or activities without the necessary licenses, permits, or approvals required by local, regional, or international laws. This includes, but is not limited to:
  • Unregulated Auction Houses – Conducting auctions without the appropriate licensing.
  • Unlicensed Financial Services – Offering money remittance, currency exchange, or payment services without proper authorisation.
  • Unapproved Medical Practices – Providing medical, pharmaceutical, or related services without required certifications or regulatory approvals.
  • Unregistered Investment Services – Engaging in brokerage, securities trading, or fund management without proper licensing.

B2 reserves the right to decline services to any business that fails to comply with applicable licensing or regulatory requirements. We also prohibit engagement with industries or businesses deemed illegal under Singapore laws.

 

 

 

Prohibited Jurisdictions

• Afghanistan
• Burkina Faso
• Central African Republic
• Crimea Region
• Cuba
• Donetsk Region
• Haiti
• Iran
• Iraq
• Israel
• Libya
• Luhansk Region
• Mali
• Myanmar
• Nigeria
• Pakistan
• Russia
• Somalia
• South Sudan
• Sudan
• Syria
• The Democratic People’s Republic of Korea (North Korea)
• The Democratic Republic of Congo
• Turkey
• Yemen
• Cambodia
• Cyprus
• Ukraine
• Vanuatu

This list is periodically reviewed and updated to reflect changes to UN sanctions, FATF recommendations, and MAS directives. For the most current information, please refer to the following resources:

• FATF High-Risk Jurisdictions: https://www.fatf-gafi.org/en/topics/high-risk-and-other-monitored-jurisdictions.html
  
  
• MAS Financial Sanctions Guidelines: https://www.mas.gov.sg/regulation/anti-money-laundering/targeted-financial-sanctions/regulations-for-targeted-financial-sanctions

All customers and transactions are screened against updated sanctions lists to ensure compliance with the latest regulatory requirements. If you have any questions about whether your country or region falls under this list, please contact our Risk & Compliance Team here

 

Last updated: 18 June 2025