Restricted industries and restricted countries policy · Effective date: 10 July 2026
About this list
This Restricted List is published in accordance with Section 12.1 of the Keystones Partners Limited Terms of Business (reference KP-TOB-002). We do not facilitate Transactions connected to the industries or countries listed below. If you are uncertain whether your activities or those of a Beneficiary fall within this list, contact us before initiating a Transaction.
This version published at keyspx.com is always the current version. Updates to this list are not amendments to the Terms of Business.
Restricted industries
We do not facilitate Transactions where the source or destination of funds, or the underlying commercial activity, is connected to any of the following:
Gambling and gaming: Online and offline gambling, casinos, sports betting, lotteries and gaming platforms, except where licensed by a recognised regulator and disclosed at onboarding.
Adult entertainment: Pornography, escort services, adult content platforms and related businesses.
Cannabis and controlled substances: Cultivation, processing, distribution or sale of cannabis, marijuana or other controlled substances, regardless of local legalisation status.
Virtual assets and cryptocurrency: Cryptocurrency exchanges, token issuers, ICOs, DeFi platforms, NFT marketplaces, and businesses whose primary activity involves virtual assets. This does not apply to regulated financial institutions offering crypto services ancillary to licensed activities.
Weapons and arms: Manufacture, trade, brokerage or distribution of weapons, ammunition, military equipment, dual-use goods or defence articles.
Shell companies and nominee structures: Entities with no discernible commercial activity, beneficial ownership concealment vehicles, and nominee shareholder or director arrangements designed to obscure ultimate beneficial owners.
Nested money services: Money services businesses, money transmitters, bureaux de change or similar entities seeking to route transactions through our services, unless pre-approved in writing by our Compliance Officer.
Precious metals and stones: Unregulated trade in precious metals, gemstones or high-value goods where the transaction profile is inconsistent with disclosed commercial activity.
Extractive industries in conflict zones: Mining, logging, oil and gas operations in conflict-affected regions or regions subject to resource-related sanctions.
Unlicensed financial services: Any entity providing regulated financial services (lending, insurance, investment, payment services) without the required licence or authorisation in its jurisdiction of operation.
Restricted countries
We do not facilitate Transactions to, from, or involving parties located in the following jurisdictions. This list reflects current comprehensive sanctions programmes and jurisdictions assessed as presenting unacceptable risk:
Comprehensive sanctions: North Korea (DPRK), Iran, Syria, Cuba, the Crimea region of Ukraine, the so-called Donetsk People’s Republic, the so-called Luhansk People’s Republic, and other non-government controlled areas of Ukraine.
FATF high-risk jurisdictions: As published by the Financial Action Task Force (fatf-gafi.org). Jurisdictions on the FATF high-risk list are subject to enhanced due diligence at a minimum; Transactions may be declined at our discretion.
Additional restricted jurisdictions: Afghanistan, Belarus, Myanmar (Burma), Russia, South Sudan, Venezuela, Yemen, Zimbabwe. This category is reviewed periodically and may be updated without notice.
Sectoral and targeted sanctions apply in additional jurisdictions not listed above. Even where a country is not on this Restricted List, individual Transactions may be declined if they involve sanctioned individuals, entities or sectors.
