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Rules & Regulations

Permitted Jurisdictions

Excelcurrencies restricts the countries that it serves, at both the client level and the payer level

Permitted jurisdictions apply to where our clients are geographically based - we only onboard regulated clients that are located within one of the permitted jurisdictions listed below.

As standard, the permitted jurisdictions also represent where we can receive money from. If either our client, or our client’s customers, send funds from a bank account outside of our permitted jurisdictions, the funds will be rejected. Under some circumstances, clients based in North America may be able to receive money from an extended list of countries.

Any payments created with a payer outside of our permitted jurisdictions is failed automatically by our transaction monitoring system at the point of processing.

Please refer to the table below for a full list of permitted jurisdictions. This list is reviewed and updated periodically.

 

Åland Islands Guernsey New Zealand
Austria Hong Kong Norway
Australia Hungary Poland
Belgium Iceland Portugal
Bulgaria India Réunion
Canada Ireland Romania
Cayman Islands Isle of Man Saint Martin (French part)
China Israel Singapore
Croatia Italy Slovakia
Cyprus Japan Slovenia
Czech Republic Jersey South Africa
Denmark Latvia South Korea
Estonia Liechtenstein Spain
Finland Lithuania Sweden
France Luxembourg Switzerland
French Guiana Malta Taiwan
Germany Martinique United Kingdom
Gibraltar Mayotte United States
Greece Monaco  
Guadeloupe Netherlands  

Sanctioned Countries

We take our regulatory responsibilities very seriously. In line with our anti-money laundering policy and sanction screening requirements, we cannot receive funds from or send money to the following countries, although this may be subject to change.

If you have any questions about making payments to restricted countries, please contact your relationship manager, or email info@excelcurrencies.com.

 

 

Myanmar

Due to the current military coup in Myanmar, all banks onshore have been instructed by the Myanmar Banks Association to remain closed. As the banking system is now offline, our banking provider is unable to process any payments to Myanmar until further notice.

Non-permitted activity

As part of our ongoing commitment to mitigate the risk of money laundering and terrorist financing, Excelcurrencies has a number of restrictions on the type of industries, activities, and countries we support and service. Failure to comply with these restrictions can result in delayed payments or rejected payments with continuous breaches leading to account closure.

 

Non-permitted industries – global

  • Weapons / Military-Grade Security
  • Multi-Level Marketing
  • Pawnbrokers
  • Political Organizations
  • Precious Metals
  • Adult Entertainment
  • Drug paraphernalia
  • CBD and related products 
  • Carbon Credits
  • Crypto Currencies
  • Gambling
  • Ponzi / Pyramid Schemes
  • Firms involved in the servicing of illegal goods/services including but not limited to: Counterfeit Goods/trademark infringement, Human Trafficking, Child Labor, Prostitution.

 

Non-permitted industries – United States of America

  • Chemicals
  • Medical devices
  • Alcohol
  • Tobacco
  • Dietary supplements
  • Seeds or plants
  • Regulated financial services
  • Outbound telemarketing

 

Non-permitted client types

  • Financial Institutions making payments on behalf of other financial institutions, also known as ‘nested relationships’ or ‘Layering.’
  • Shell Banks
  • Unregistered Charities

 

Non-permitted activities

  • Clients are not allowed to use our services to speculate changes in FX
  • Transactions deriving from Crypto Currencies

 

Non-permitted jurisdictions

See

Payment Services Directive 2 and SEPA Countries

 

 

Notes for Payment Services Directive 2 countries table above:

  1. Excluding the Faroe Islands and Greenland.
  2. Including the Aland Islands.
  3. Including Martinique, Guadeloupe, French Guiana, and Réunion, Saint Martin and Saint Barthélemy but excluding St Pierre et Miquelon, Mayotte, New Caledonia and Dependencies, French Polynesia, French Southern and Antarctic Territories, and the Wallis and Futuna Islands.
  4. Excluding Aruba and the Netherlands Antilles.
  5. Including Azores and Madeira.
  6. Including the Canary Islands, Ceuta and Melilla.
  7. Including Gibraltar but excluding the Isle of Man, Guernsey, Jersey, Anguilla, Cayman Islands, Falkland Islands, South Georgia and the South Sandwich Islands, Montserrat, Pitcairn, Saint Helena and Dependencies, British Antarctic Territory, British Indian Ocean Territory, Turks and Caicos Islands, and the British Virgin Islands.

 

 

SEPA countries

 

 

Notes for SEPA Countries table above:

  1. Excluding the Faroe Islands and Greenland.
  2. Including the Aland Islands.
  3. Including Martinique, Guadeloupe, French Guiana, Réunion, St Pierre et Miquelon, Mayotte, Saint Martin and Saint Barthélemy but excluding New Caledonia and Dependencies, French Polynesia, French Southern and Antarctic Territories, and the Wallis and Futuna Islands.
  4. Excluding Aruba and the Netherlands Antilles.
  5. Including Azores and Madeira.
  6. Including the Canary Islands, Ceuta and Melilla.
  7. Including Gibraltar, the Isle of Man, Guernsey, Jersey, but excluding Anguilla, Cayman Islands, Falkland Islands, South Georgia and the South Sandwich Islands, Montserrat, Pitcairn, Saint Helena and Dependencies, British Antarctic Territory, British Indian Ocean Territory, Turks and Caicos Islands, and the British Virgin Islands.

 

Please note: Kosovo and Montenegro use the Euro as their domestic currency but do not belong to SEPA or fall under the Payment Service Directive.

The information on this page is correct at the date of publication. It is intended as a general guide only.

Wire Transfer Regulations (WTR2)

The Wire Transfer Regulations (WTR2) came into effect on June 26, 2017. The regulations require that accurate payer and beneficiary information accompanies the transfer of funds in order to further combat financial crimes and money laundering.

What does this mean for Excelcurrencies clients?

To comply with the regulations, the following information on payers are mandatory regardless of the type/origin/destination of the payment.

Payer (Individual)

  • First Name
  • Last Name
  • Full Address
  • Date of Birth

 

Payer (Company)

  • Company Name
  • Full Address

 

Note: The above is the minimum set of information required for all payments. Some payment types/currencies may have additional requirements.

 


 

WTR2 when using the Excelcurrencies API

Payer Required Details

Our Payer Required Details endpoint allows you to get the required payer details and their basic validation formats.

get /v2/reference/payer_required_details

Key Type Value Required
payer_country string GB required
payment_type string "priority" or "regular" required
payer_entity_type string "company" or "individual" required

Below is an example of a call and response:

Call:

/reference/payer_required_details?&payer_country=GB& payment_type=priority

Response:

{
	"details": [
		{
			"payer_entity_type": "company",
			"payment_type": "priority",
			"required_fields": [
				{
					"name": "payer_country",
					"validation_rule": "^[A-z]{2}$"
				},
				{
					"name": "payer_city",
					"validation_rule": "^.{1,255}"
				},
				{
					"name": "payer_address",
					"validation_rule": "^.{1,255}"
				},
				{
					"name": "payer_postcode",
					"validation_rule": "^.{1,255}"
				},
				{
					"name": "payer_company_name",
					"validation_rule": "^.{1,255}"
				}
			]
		},
		{
			"payer_entity_type": "individual",
			"payment_type": "priority",
			"required_fields": [
				{
					"name": "payer_country",
					"validation_rule": "^[A-z]{2}$"
				},
				{
					"name": "payer_city",
					"validation_rule": "^.{1,255}"
				},
				{
					"name": "payer_address",
					"validation_rule": "^.{1,255}"
				},
				{
					"name": "payer_postcode",
					"validation_rule": "^.{1,255}"
				},
				{
					"name": "payer_first_name",
					"validation_rule": "^.{1,255}"
				},
				{
					"name": "payer_last_name",
					"validation_rule": "^.{1,255}"
				},
				{
					"name": "payer_date_of_birth",
					"validation_rule": "/A([+-]?d{4}(?!d{2}\b))((-?)((0[1-9]|1[0-2])(\u0003([12]d|0[1-9]|3[01]))?|W([0-4]d|5[0-2])(-?[1-7])?|(00[1-9]|0[1-9]d|[12]d{2}|3([0-5]d|6[1-6])))([T ]((([01]d|2[0-3])((:?)[0-5]d)?|24:?00)([.,]d+(?!:))?)?(\u000f[0-5]d([.,]d+)?)?([zZ]|([+-])([01]d|2[0-3]):?([0-5]d)?)?)?)?Z/"
				}
			]
		}
	]
}

 

Create/Update a Payment

Since WTR2 came into effect, payer details are mandatory for all payments regardless of the type/origin/destination of the payment. If any of these details are missing you will not be able to instruct payments.

The "Payer" is considered to be the individual or entity from where a particular payment originates. Depending on the payment model you operate, the payer will either be you or your client on whose behalf you are instructing the payment.

The exact information required can be determined by calling the Payer Required Detail endpoint. All relevant fields enabling you to submit payer details are available on the Create Payment and Update Payment endpoints.

 

1. Making payments where you are the payer

When you send funds to Excelcurrencies for conversion on your own behalf and instruct a payout to the ultimate beneficiary, you are considered the payer.

Flow of funds Excelcurrencies Client as Payer

Typically, you will fall under this operating model if you are a:

  • Marketplace paying out to corporates/individuals
  • Corporate/Individual making payments on your own behalf
  • Prepaid card firm sending funds to issuers
  • PSP acquiring card payments and paying out to merchants

There is no requirement to explicitly provide payer details for each payment. This information will be taken automatically from the details on your account. Please ensure that the Name, Address and Date of Birth (if applicable) on your account are provided and up to date. If any of these details are missing, you will not be able to instruct payments as payer details are mandatory.

 

2. Making payments where your client is the payer

Your customer is considered the payer when you collect funds from your customers and send to Excelcurrencies for conversion and payout to the ultimate beneficiary.

Flow of funds Currenycloud Client's Customer as Payer

Typically, you will fall under this operating model if you are a:

  • FX Broker making payments on behalf of your customers
  • Remittance/International Payments firm providing payments functionality to your customers via Excelcurrencies

You must provide the details of your customer in the Payer fields at the time of creating a payment using the "Create a Payment" API. Please ensure that the Name and Address on your account are also provided and up to date. If any of these details are missing you will not be able to instruct payments as payer details are mandatory.

 

Create/Update Account

In order to ensure that all new accounts have the required WTR2 information, the following fields on the Create Account and the Update Account endpoints are required. As a result, you cannot create or update an account without providing these details:

  • street
  • city
  • country
  • state_or_province - required only for US, Mexico and Canada

 

Create/Update Contact

In order to ensure that all new accounts have the required WTR2 information, the Date of Birth field on the Create Contact and the Update Contact endpoints is required. As a result, you will not be able to create or update a Contact without providing the Date of Birth.

Note: This only applies when the Contact belongs to an "individual" type of account.

 


 

WTR2 when using Excelcurrencies Direct

Create a payment

Since WTR2 came into effect, payer details are mandatory for all payments regardless of the type/origin/destination of the payment. If any of these details are missing you will not be able to instruct payments.

The "Payer" is considered to be the individual or entity from where a particular payment originates. Depending on the payment model you operate, the payer will either be you or your client on whose behalf you are instructing the payment.

 

1. Making payments where you are the payer

When you send funds to Excelcurrencies for conversion on your own behalf and instruct a payout to the ultimate beneficiary, you are considered to be the payer.

Flow of funds Excelcurrencies Client as Payer

Typically, you will fall under this operating model if you are a:

  • Marketplace paying out to corporates/individuals
  • Corporate/Individual making payments on your own behalf
  • Prepaid firm sending funds to issuers
  • PSP acquiring card payments and paying out to merchants

There is no requirement to explicitly provide payer details in each payment. At the time of creating a payment, select "Yes" under the "I am the Payer" field.

Payer information is taken automatically from the details on your account. Please ensure that the Name, Address and Date of Birth (if applicable) on your account are provided and up to date. If any of these details are missing you will not be able to instruct payments as payer details are mandatory.

 

2. Making payments where your client is the payer

Your customer is considered the payer when you collect funds from your customers and send to Excelcurrencies for conversion and payout to the ultimate beneficiary.

Flow of funds Excelcurrencies Client's Customer as Payer

Typically, you will fall under this operating model if you are a:

  • FX Broker making payments on behalf of your customers
  • Remittance/International Payments firm providing payments functionality to your customers via Excelcurrencies

You must provide the details of your client in the Payer fields at the time of creating a payment by selecting "No" under the "I am the Payer" field.

Flow of funds Excelcurrencies Client as Payer View

You will be shown the required fields that need to be completed for the payer depending on the Payer Type.

Please ensure that the Name and Address on your account are also provided and up to date. If any of these details are missing you will not be able to instruct payments as payer details become mandatory.

 

Create/update account

In order to ensure that all new accounts have the required WTR2 information, the following fields  to create and update an account are required. As a result, you will not be able to create or update an account without providing these details.

  • Street
  • City
  • Country
  • State or Province - required only for US, Mexico and Canada

 

Create/update contact

In order to ensure that all new accounts have the required WTR2 information, the Date of Birth field is required when you create or update a Contact. As a result, you will not be able to create or update a Contact without providing the Date of Birth.

Note: This only applies when the Contact belongs to an "individual" type of account.

Safeguarding information is currently being revised and will be updated shortly.