Eligible Business Types
We support most standard corporate structures, provided they are officially registered and can provide the necessary documentation.
Entity Type | Countries | Business nature | Primary due diligence focus |
Oy / Oyj | Finland | private / public limited | Verify via Finnish Trade Register; identify UBOs >25% |
Avoin yhtiö – Ay | Finland | general partnership | All partners have unlimited personal liability for the partnership’s obligations. |
Kommandiittiyhtiö – Ky | Finland | limited partnership | General partners have unlimited liability, while limited partners are only liable for the amount they invested. |
Toiminimi – Tmi | Finland | sole trader | Freelancers, small-scale service providers, and micro-businesses |
S.A. | ES, LU | public limited | Confirm listing status; simplified DD may apply if publicly traded |
AG | DE, AT, CH | public limited | Verify two-tier board (Management vs. Supervisory) and stock exchange filings |
GmbH | DE, AT | limited liability | Obtain Handelsregister extract; verify list of shareholders to trace UBOs |
Ltd / PLC | IE | private / public Ltd | Verify via Companies House/CRO; check "Persons with Significant Control" (PSC) register |
S.R.L. / S.à r.l. | IT, FR, LU, ES | private Limited | Trace "quotas" (ownership units) to natural persons; check local UBO registers |
Società Semplice (S.s.) | Italy | simple partnership | Exclusively for non-commercial activities, such as agriculture, property management, or managing family assets |
Società in Accomandita Semplice (S.a.s.) | Italy | limited partnership | Used for commercial activities |
S.r.l.s. | Italy | Simplified S.r.l. | Focus on low capital risk; verify sole or multiple founders' identity via Visura Camerale |
S.p.A. | Italy | joint-stock | Verify statutory auditors (Sindaci) and major shareholders in large-scale governance |
Non-eligible industries
To ensure the integrity of our platform, we are unable to open accounts for businesses involved in the following sectors.
Groups, legal bodies or similar subject to international sanctions or embargoes, in particular as issued by the Commission de Surveillance du Secteur Financier (“CSSF”), HM Treasury UK,the European Union (“EU”), the United Nations (“UN”) or the US Office of Foreign Assets Control (“OFAC”);
“Non-standard” or “non transparent” activities – those carried out through special-purpose or assimilated legal entities (special purpose vehicles) (structures) or in jurisdictions that impede transparency or which do not meet international banking standards; Bidding fee auctions, penny auctions, or any type of all-pay auction in which all participants must pay a non-refundable fee to place each small incremental bid;
Shell banks; (banks based in countries where they have no physical presence involving decision-making and management and which are typically not connected to wider regulated financial groups);
Shell companies; (a company with no physical presence involving effective decision-making, operations or assets other than cash or equivalents of cash);
Bearer share corporations and companies connected to nominee or similar arrangements for the purpose of hiding or mask the true beneficial ownership (some trust structures may be permitted, depending on the merits of the case and there is no suggestion of untoward behaviour);
Physically present Adult Services – this includes, but is not limited to, Escort services, Solicitation thereof, sale and/or advertising or suggestion of any physical sexual services that may imply or suggest prostitution, regardless whether it is legal in the specific country involved;
Unregulated or offshore holding/investment companies involved in managing or investing own- or third-party funds This does not include regulated investment companies or regulated investment funds in Countries permitted for Correspondent Banking relationships); Any involvement in the sale or marketing of Binary Options;
Weapons of war, automatic weapons, ammunitions or defence equipment: Includes merchants involved in the sales, intermediation or commerce of war or automatic weapons, including but not limited to chemical weapons, cluster bombs, ammunitions, explosives, complex weapons (i.e. guided missiles), Poisons or other defence equipment or similar (i.e. knives and accessories for weapons intended for hunting, fishing and recreational activities; antique weapons or collectibles).
Nuclear/atomic power is the use of nuclear reactions to produce electricity. It works by harnessing the energy released from the nucleus (core) of an atom, typically through a process called nuclear fission.
Proliferation financing is the act of providing funds or financial services to support the development, acquisition, or use of chemical, biological, or nuclear weapons.
Adult services that are not physically present, this includes dating sites, websites with adult content or products, or violent content and pornography businesses. If any payments are to be made to, or received from, a business providing these services the following restrictions also apply. These businesses must:
Have no suggestions of escort services, or the sale of physically present sexual services (solicitation/prostitution);
Have no material negative media which could result in material reputational damage for Banking Circle and/or the Luxembourg financial centre; and
Be incorporated within the UK, North America or Europe.
Non registered Government or NGO, Charities, social service organisations and other non-profit or political organisations.
wamo will not onboard any of the below non registered entities;
Government linked entities either directly or non directly;
Organisations linked to donations including political donations;
Unincorporated association;
Charitable Incorporated Organisation(CIO);
Company limited by guarantee;
Charitable company;
Community Interest Company CIC;
Community Benefit Society;
Cooperative SocietyBe registered, or local equivalent, in the country of incorporation; These entities must also not support activities in countries considered prohibited by our banking partner;
Not sponsor or support any act of violence or hate.
Cryptocurrency trading or other Cryptocurrency businesses.
NOTE: Payments to and from EU regulated Crypto Exchanges is permitted, if the funds have come from or to the name of our customer or their UBO. Not from 3rd parties.
Wamo is not permitted to onboard Crypto Exchange clients, who hold funds on behalf of 3rd parties.
Anonymous accounts
These accounts do not require the account holder's identity to be disclosed. They are becoming less common due to efforts to combat money laundering, tax evasion, and terrorist financing.
Numbered accounts
Numbered bank accounts are bank accounts wherein the identity of the holder is replaced with a multi-digit number known only to the client and selected private bankers.12 Although these accounts do add another layer of banking secrecy, they are not completely anonymous as the name of the client is still recorded by the bank and is subject to limited, warranted disclosure.
Cheque Cashing, Deposit-Taking, Cash Transfer Credit repair, Debt Restructuring, Debt recovery, Debt settlement, Debt Collections
Financial pyramid or Ponzi schemes
A Ponzi scheme is similar to a pyramid scheme in that both use new investors' funds to pay earlier backers.
A pyramid scheme usually relies on rewarding early participants to recruit more participants but collapses when the supply of potential participants dwindles.
Money transmission services MSB, where the originator or recipient of the payment is unclear;
Act as a wholesaler to cash-based money remitters, or offer downstream services to other PSPs beyond our original customer.
Illegal Drugs & Narcotics such as but not limited to:
Depressants are drugs that slow down the central nervous system and the messages that go between the brain and the body. These drugs decrease people’s concentration and slow down their ability to respond. The name ‘depressant’ suggests that these drugs can make a person feel depressed, but this is not always the case. The term depressant purely refers to the effect of slowing down the central nervous system. Some examples of depressants include: , opioids (e.g., ), barbiturates, alcohol heroin GHB
Stimulants (also referred to as psychostimulants) are drugs that stimulate the central nervous system and speed up the messages going between the brain and the body. These drugs typically increase energy, heart rate and appetite. Some examples of psychostimulants include: (speed, ice, base), , methamphetamine cocaine dexamphetamine, , nicotine, caffeine MDMA/ecstasy.
Hallucinogens are drugs which typically alter how a person perceives the world. These drugs can change the way a person sees, hears, tastes, smells or feels different things, including experiencing things that aren't there at all. Some examples of hallucinogens include: ketamine, magic mushrooms, LSD.
Medical cannabis also known as medical marijuana, refers to the use of the cannabis plant or its chemical components -primarily THC (tetrahydrocannabinol) and CBD (cannabidiol) - to treat symptoms of a disease or medical condition.
Sale and/or distribution of stolen goods (including digital and virtual goods)
Counterfeit goods and violation of intellectual property, or items that violates individual privacy (revenge porn)
Goods that are no longer with their rightful owner
Psychic services
Including consultations with people who claim to have special mental abilities or powers, such as extrasensory perception ESP) or clairvoyance
Selling, hosting, distributing, producing or promoting offensive materials, including materials that incite or promotes racial hatred or discrimination based on gender, race, religion, national origin, physical ability, sexual orientation, or age
Animal trafficking - the illegal trade, capture, smuggling, or collection of animals or plants that are protected by law. It can also include the processing, importing, exporting, or possession of these species
Illegal wildlife trade - such as the poaching of elephants for ivory and tigers for their skins and bones
Transactions involving Human Organs
Selling an organ for profit or advertising the willingness to buy or sell an organ is organ trafficking
Dealers in precious metals and stones
An individual or entity that buys or sells precious metals, precious stones or jewellery, in the course of its business activities; these include:
Platinum, Gold, Silver, Palladium, Rhodium,Ruthenium, Iridium & Osmium Ruby, Pearl, Red Coral, Emerald, Yellow Sapphire, Diamond, Blue Sapphire, Hessonite, and Cat's Eye.
High value watches/timepieces Wamo prohibits those who buy and sell online only i.e. no physical store or outlet
Need help with your eligibility?
If your industry isn't listed here but you are unsure of your status, or if you believe your business model requires a specific review, our team is available 7 days a week.