If you’re thinking about opening a business account with Zolvat, the first question you probably have is simple:
“Will you actually accept my business?”
This guide answers that directly. No legal jargon, no vague “case-by-case” lines without context. Just a clear list of:
What we never support.
What we can support after enhanced due diligence (EDD).
Where the grey areas sit, and what we need from you.
Zolvat is a regulated Electronic Money Institution. That gives our clients real protection, but it also means we live by EU AML rules, sanctions lists, and our own customer acceptance policy. Below is the short, honest version. For businesses considering Zolvat, this topic connects directly to Cyprus business account restrictions, high-risk businesses, prohibited activities, and enhanced due diligence.
1. What Zolvat Will Never Support
These activities are prohibited at every stage of the relationship. If we discover any of them after onboarding, we close the account.
Sanctioned individuals or entities. Anyone listed on EU, UN, OFAC, or UK sanctions lists.
Illegal activities in any country Zolvat operates in, or in your country of incorporation.
Schemes designed to enable tax evasion or tax fraud, including artificial cross-border structures with no economic substance.
Human trafficking and any illegal adult content — including material involving rape, violence, or minors.
Unlicensed financial services: unregulated forex trading, unlicensed money transmitters, debt collection without authorisation.
Prostitution and exploitation of any kind.
Counterfeit goods, unauthorised branded products, and fake merchandise.
Pyramid schemes, MLM, and get-rich-quick programmes.
Crypto trading, crypto mining, and token sales — including ICOs and exchange operations.
If your business model touches any of the above, we cannot help you. That’s not a paperwork problem; it’s a hard stop.
2. High-Risk Industries We Can Still Onboard
These industries are not banned. They simply need a deeper look before we can issue a Cyprus IBAN and SEPA / SWIFT access.
2.1 Crypto Technology Providers
We can onboard companies that build blockchain infrastructure, wallets, custody software, or compliance tooling. We cannot onboard businesses whose revenue comes from trading, mining, or token issuance.
Stablecoin support (USDC, USDT) is on our 2026 roadmap for transfers and the payment gateway. Bitcoin and Ethereum are not stablecoins, and they’re not in scope here.
2.2 Tobacco, E-cigarettes and Nicotine (B2C)
Licensed retailers can apply. We will ask for licences, supplier contracts, age-verification flows, and proof you comply with EU tobacco directives.
2.3 Adult Entertainment (Legal & Licensed)
Pornography platforms, webcam studios, escort agencies, and adult content marketplaces can apply if they operate legally, perform proper age and consent verification, and stay clear of any prohibited content.
2.4 Firearms, Explosives, Hazardous Materials
Licensed dealers can apply. We will not onboard anyone trading items on the EU dual-use sanctions list or operating without a national licence.
2.5 Pseudoscience and Wellness
This one depends entirely on how you market the service.
Acceptable:
placebo healing
astrology entertainment
tarot for guidance
Not acceptable:
unlicensed medical claims
“cures” for diagnosed conditions
anything that should legally require a medical licence
2.6 High-Value Goods
Luxury watches, jewellery, fine art, premium electronics. Expect questions about supply chain, invoicing, and your stance on cash-equivalent payments.
2.7 Shipping, Logistics, Forwarding
We welcome this sector. EDD scales with route complexity — companies handling sanctioned-region transit or freight forwarding to high-risk jurisdictions will face deeper checks.
2.8 NGOs and Non-Profits
Legitimate charities are welcome. Political fundraising bodies, religious organisations operating internationally, and donation platforms will face EDD on source of funds and beneficiary structures.
3. What Enhanced Due Diligence Actually Looks Like
EDD is not a black box. For high-risk applicants we’ll typically ask for:
Licences and regulatory permissions in your jurisdiction.
Ultimate beneficial owner (UBO) verification at 10% ownership and above.
Source of wealth and source of funds documentation.
A short business model description — who pays you, who you pay, in which countries.
Sample customer agreements or website terms.
Internal AML, KYC, and sanctions screening procedures (if you operate in regulated sectors).
Most cases close in 5 to 10 business days once documents are in.
4. Geographic Scope
Zolvat is built for businesses incorporated in the European Economic Area. We review non-EEA applicants’ case by case — generally only when there’s a clear, regulated link to the EEA market.
5. How This Compares to Other EU Providers
Our policy is in the same family as other regulated European institutions. If you want to compare:
Satchel — Prohibited Countries and Activities
Payoneer — Prohibited Transaction List
Hellenic Bank — Customer Acceptance Policy Summary (PDF)
Bank of Cyprus — Customer Acceptance Policy 2024 (PDF)
We update this list as regulations evolve and as our product expands into dedicated IBANs, Cyprus payment gateways, and stablecoin transfers.
6. FAQ
Is cannabis prohibited everywhere?
We treat any cannabis-related business as prohibited at this stage, including CBD products that contain THC.
Can a US LLC open a Zolvat business account?
Generally no — Zolvat focuses on EEA-incorporated entities. Exceptions exist for clear EEA-market activity.
Do you support stablecoins?
Not yet. USDC and USDT are on our roadmap for payments and transfers. Bitcoin and Ethereum are not stablecoins and are out of scope for now.
My business is on the high-risk list. Should I still apply?
Yes. High-risk does not mean rejected. It means we need a bit more from you.
Who decides?
A human compliance officer. Not an algorithm.
