Prohibited Countries List
Schuman Financial evaluates the viability of potential customer relationships by identifying specific countries as “Restricted Countries” and “High-Risk Countries.” As a result, customers located, organised or resident in a country, territory or geographical region which is itself the subject or target of our “Restricted Countries” list is not permitted to proceed with the onboarding process and use Schuman’s services.
Customers who are located, organized, or residing in any country, territory, or geographical region designated on our “High-Risk Countries” list may proceed with the onboarding process. However, such customers may be subject to enhanced verification procedures and additional compliance checks.
Restricted Countries
- BELARUS – UN, EU, and OFAC sanctions
- CUBA – OFAC sanctions
- DEMOCRATIC REPUBLIC OF THE CONGO- UN, EU, and OFAC sanctions
- DEMOCRATIC PEOPLE’S REPUBLIC OF KOREA (North Korea) – FATF Call for Action; UN, EU, and OFAC sanctions
- IRAN – FATF Call for Action; UN, EU, and OFAC sanctions
- MYANMAR (Burma) – FATF Call for Action; UN and EU sanctions
- RUSSIAN FEDERATION – UN, EU, OFAC, and UK sanctions
- SYRIA – UN, EU, OFAC, and UK sanctions
- VENEZUELA – UN, EU, OFAC, and UK sanctions
High-Risk Countries
- AFGHANISTAN
- ALBANIA
- ALGERIA
- AMERICAN SAMOA
- ANGOLA
- ANGUILLA
- ARMENIA
- AZERBAIJAN
- BAHAMAS
- BANGLADESH
- BARBADOS
- BOLIVIA
- BOSNIA & HERZEGOVINA
- BRITISH VIRGIN ISLANDS
- BURKINA FASO
- BURUNDI
- CAMBODIA
- CAMEROON
- CAYMAN ISLANDS
- CENTRAL AFRICAN REPUBLIC
- CHAD
- CHINA
- COMOROS
- CONGO REP.
- COSTA RICA
- DJIBOUTI
- DOMINICAN REPUBLIC
- EGYPT
- EL SALVADOR
- EQUATORIAL GUINEA
- ERITREA
- ESWATINI
- ETHIOPIA
- FIJI
- GABON
- GAMBIA
- GIBRALTAR
- GUAM
- GUATEMALA
- GUINEA
- GUINEA-BISSAU
- HAITI
- HONDURAS
- INDONESIA
- IRAQ
- JAMAICA
- JORDAN
- KENYA
- KYRGYZSTAN
- LAOS
- LEBANON
- LIBERIA
- LIBYA
- MADAGASCAR
- MALAWI
- MALI
- MARSHALL ISLANDS
- MAURITANIA
- MEXICO
- MOLDOVA
- MONTENEGRO
- MONGOLIA
- MOROCCO
- MOZAMBIQUE
- NEPAL
- NICARAGUA
- NIGER
- NIGERIA
- PAKISTAN
- PALAU
- PANAMA
- PAPUA NEW GUINEA
- PARAGUAY
- PHILIPPINES
- SAMOA
- SENEGAL
- SERBIA
- SIERRA LEONE
- SOMALIA
- SOUTH AFRICA
- SOUTH SUDAN
- SUDAN
- TAJIKISTAN
- TANZANIA
- TOGO
- TRINIDAD AND TOBAGO
- TUNISIA
- TURKIYE
- TURKMENISTAN
- TURKS AND CAICOS ISLANDS
- UGANDA
- UNITED ARAB EMIRATES
- US VIRGIN ISLANDS
- UKRAINE
- UZBEKISTAN
- VANUATU
- YEMEN
- ZAMBIA
- ZIMBABWE
Exemptions
Certain High-Risk States may qualify for exemptions based on their robust regulatory frameworks and demonstrated commitment to mitigating financial crimes. These exemptions are evaluated on a case-by-case basis, with specific examples and justification outlined below.
UNITED ARAB EMIRATES (UAE)
The UAE has shown a strong commitment to aligning with international standards set by the FATF and MENAFATF since February 2022. Significant progress has been made in addressing money laundering and terrorist financing risks across various sectors. Schuman Financial will evaluate clients from UAE on an individual basis.
Important Notes and Disclaimer
Dynamic Nature of the List: The above list is subject to regular updates as new information becomes available or as jurisdictions address deficiencies.
Source of Information: The classification is based on publicly available data from FATF, EU, UN, OFAC, Transparency International, and other reliable bodies.
Use of the List: This list is for informational purposes only and is not intended to discourage legitimate activities within these jurisdictions. It is intended to guide our compliance, risk management, and due diligence processes.
No Liability: While every effort is made to ensure accuracy, Schuman Financial is not liable for decisions made based on the information provided. Stakeholders are encouraged to consult primary regulatory sources for the latest updates.
For questions or additional clarification, please contact our Compliance Team at compliance@schuman.io.