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Telleroo’s compliance criteria for accepting and onboarding clients
Telleroo’s compliance criteria for accepting and onboarding clients
Charlotte Russell avatar
Written by Charlotte Russell
Updated over a week ago

We are grateful to all our accountancy partners for inviting their clients to Telleroo. We happily accept most of the UK Businesses Registered on Companies House or Charities Registered with Charity Commissions. But on occasion, you might have seen our reply, stating that we are unable to offer our services to certain clients because their activity falls outside our Risk Appetite.

We understand this might be confusing…What is a risk appetite?

The risk appetite is our client acceptance criteria. We review the client from the following perspectives:

  • Industry

  • Geographical exposure

  • Regulatory Status

  • How long have they been trading

  • Have they conducted Business ethically in the past

  • Are they linked to any Sanctioned Entities or Individuals

  • What kind of transaction they are going to make

Below is the list of non-permitted activities. What it means, is if the client falls in one of the below lists, we will be unable to offer services to them.

Non - Permitted Industries

  • Diamond or Precious Metal Investment

  • Autographed collectible (memorabilia) businesses

  • Defence / Military Related

  • Crypto companies

  • Hypnosis services

  • Mini-bonds

  • Multi-Level Marketing (MLM)

  • Nutraceuticals businesses

  • Products relating to dating services

  • Psychic service

  • Regulated Cannabis Industry

  • Telemarketing Bureaus and Other Contact Centers

  • Unregulated financial or investment service

  • VoIP or telemarketing

  • Wine investment

  • Growing of tobacco

  • Manufacture of tobacco products

  • Manufacture of explosives

  • Processing of nuclear fuel

  • Manufacture of weapons and ammunition

  • Manufacture of military fighting vehicles

  • Striking of coins

  • Agents involved in the sale of food, beverages and tobacco

  • Wholesale of tobacco products

  • Non-trading companies

  • Activities of call centres

  • Defence activities

  • Activities of political organisations

  • Activities of households as employers of domestic personnel

  • Residents property management

  • Undifferentiated goods-producing activities of private households for own use

  • Undifferentiated service-producing activities of private households for own use

  • Activities of extraterritorial organisations and bodies

  • Dormant Companies

Non - Permitted Countries

This applies to Businesses established Outside the UK or 50% owned by the entity from the below Countries:

  • Afghanistan

  • Belarus

  • Bosnia and Herzegovina

  • Burundi

  • Central African Republic

  • Cuba

  • Democratic Republic of the Congo

  • Ghana

  • Guam

  • Guatemala

  • Haiti

  • Iran

  • Iraq

  • Lao PDR

  • Libya

  • Mali

  • Myanmar

  • North Korea

  • Russian Federation

  • Somalia

  • South Sudan

  • Sudan

  • Syria

  • Venezuela

  • Yemen

Non- Permitted Transactions

  • Transactions to Cryptocurrency trading companies/exchanges

  • Transactions involving Financial Pyramid or Ponzi Schemes

  • Transactions involving Gambling and Gaming

  • Transactions involving Illegal Drugs and Narcotics Illegal Services

  • Transactions involving distribution of stolen goods (including digital and virtual)

  • Transactions that violate individual privacy (revenge porn) Illegal Services Prohibited

  • Transactions involving the distribution of tobacco, e-cigarettes and e-liquid

  • Transaction to Unregulated Auction Houses

  • Transaction to the companies involved in the Production of Adult or Violent content

  • Transactions involving the Production or Distribution of Offensive Weapons: Ammunition, Firearms, Explosives, Complex Weapons (i.e. guided missiles)

  • Transactions involving Poisons

  • Transactions to Psychic services

  • Transactions to companies involved in promoting offensive materials, including racial hatred or discrimination based on gender, race, religion, national origin, physical ability, sexual orientation, or age

  • Transactions involving Human Organs Other

  • Transactions involving Sanctioned individuals and entities

  • Transactions to unknown/unidentified payees

Non - Permitted Shares type

  • Bearer Shares

A bearer share is a type of share that doesn't need to be registered under a specific person or business. The share will not be registered on any share registry and whoever holds the share certificate has full ownership of the share.

Non - Permitted Product usage

  • Telleroo Product is designed for companies' payments such as Payroll, Supplier Payments, Taxes, Pensions etc. Misuse of the product may result on the account closure.

Other considerations

Shareholders Type

  • Nominee Shareholders without disclosure of the beneficiary.

We can only accept companies with Nominee Shareholders in their ownership structure when full disclosure ( on whose behalf shares are held) is made and the name of the Custodian is provided.

Reputation

  • We are unlikely able to offer services to the business and connected individuals who are currently under investigation for financial crime.

Politically Exposed Persons - PEPs

  • We generally accept all PEPs Foreign and Local providing they have a good reputation.

Sanctioned entities and individuals

  • We will not be able to offer services to the entities or individuals that are subject to UK or Global Sanctions.

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