These Terms of Business is provided as part of our commitment to provide clear information to customers for the services we offer.
Legal
Terms of business
These Terms of Business explain how Noveba provides and regulates its services, including customer protections, regulatory obligations, transaction restrictions, prohibited activities, and enhanced due diligence requirements for certain jurisdictions and industries.
1. About us
1.1 Our legal name is Noveba Limited (“Noveba”). Our registered office is at 71-75 Shelton Street, Covent Garden, London WC2H 9JQ, United Kingdom and our company registration number is 11610200.1.2 Noveba is authorised as an E-Money Institution (EMI) by the Financial Conduct Authority since 16.08.2019.Status: Authorised Electronic Money Institution (Reference number: 900924)(Reference: https://register.fca.org.uk/s/firm?id=0010X00004JBGVaQAP)This is a firm that has FCA permission to issue electronic money (e-money) and provide payment services. This firm has requirements or restrictions placed on the financial services activities that it can operate. Requirements or restrictions can include suspensions. See the requirements applying to the firm.1.3 You may contact us at any time by writing to us at the above address or sending an email to our Support Team (support@noveba.com). Contact details may be found on the FAQ section of our website.
2. Regulated activities
2.1 Noveba is authorised to provide the following e-money and payment services:Regulators:This table shows the former and current regulators of this firm, in the UK and in other European Economic Area (EEA).Regulator Name: Financial Conduct AuthorityEffective From: 16/08/2019Permission:Noveba has permission to provide certain regulated products and services.a) Services enabling cash placement on a payment accountb) Services enabling cash withdrawals from a payment accounte) Issuing payment instruments or acquiring payment transactionsf) Money remittanceh) Issuing Electronic Money– Other services such as:(a) the provision of payment services;(b) the provision of operational and closely related ancillary services, including—(i) ensuring the execution of payment transactions;(ii) foreign exchange services;(iii) safe-keeping activities; and(iv) the storage and processing of data;(c) the operation of payment systems; and(d) business activities other than the issuance of electronic money, subject to any relevant European Union or national law.
3. Codes of conduct
3.1 Noveba is subject to the legislative requirements within the Electronic Money Regulations 2011 and Payment Service Regulations 2017.
4. Fees and charges
4.1 Noveba charges its customers fees and charges in connection with the products and services provided by it. Information on Fees and Charges can be found in our Fees section of the website. Fees and charges may be amended from time to time by Noveba.
5. Data Protection Notice
5.1 The personal information requested from you is required for account opening checks. We will gather and process your personal data in compliance with the Data Protection Act 2018.
6. Complaints
6.1 You may make a complaint by any of the following methods:• In writing, whether by letter, or email, or• verbally.
6.2 Your complaint will be fully investigated by Noveba. An acknowledgment letter will be sent to you upon receipt of your complaint and we will provide you with regular written updates. If you are dissatisfied with the outcome or if the complaint is not resolved within 35 business days, you are entitled to refer your complaint to the Financial Ombudsman Service, Exchange Tower, London, E14 9SR as outlined within our Complaints Procedure.
7. Changes to Terms of Business
7.1 Where there are any material changes to these Terms of Business we will give you notice of any proposed change by any combination of an e-mail, posting a notice on our Website or through the Noveba App.7.2 The Terms of Business is effective from December 2, 2025.
Appendixes:
A. List of Prohibited JurisdictionsB. List of Prohibited BusinessesC. List of Restricted transactions / activities that pose a high risk and require special permission/confirmation.
APPENDIX A
Jurisdictions / Territories with restrictions of service provision:
UPDATED: December 2, 2025
Customers and/or Transactions that have a direct and clear link by entity / asset ownership, UBO, business ties and obligations or any other form of strong relationship to the following jurisdictions, have the following service supply status:
| Country / Territory | ISO CODE | NOVEBA Country Rating* | Client Account opening and maintaining | Transactions (incoming / outgoing / exchange) | Processing Notes: |
|---|---|---|---|---|---|
| Afghanistan | AFG | PROHIBITED | PROHIBITED | PROHIBITED | |
| Albania | ALB | PROHIBITED | PROHIBITED | PROHIBITED | |
| American Samoa | ASM | PROHIBITED | PROHIBITED | PROHIBITED | |
| Anguilla | AIA | PROHIBITED | PROHIBITED | PROHIBITED | |
| Antigua and Barbuda | ATG | PROHIBITED | PROHIBITED | PROHIBITED | |
| Aruba | ABW | PROHIBITED | PROHIBITED | PROHIBITED | |
| Bahamas | BHS | PROHIBITED | PROHIBITED | PROHIBITED | |
| Barbados | BRB | PROHIBITED | PROHIBITED | PROHIBITED | |
| Belarus | BLR | PROHIBITED | PROHIBITED | PROHIBITED | |
| Bermuda | BMU | PROHIBITED | PROHIBITED | PROHIBITED | |
| Bonaire, Sint Eustatius and Saba | BES | PROHIBITED | PROHIBITED | PROHIBITED | |
| Burkina Faso | BFA | PROHIBITED | PROHIBITED | PROHIBITED | |
| Burundi | BDI | PROHIBITED | PROHIBITED | PROHIBITED | |
| Cote d’Ivoire | CIV | PROHIBITED | PROHIBITED | PROHIBITED | |
| Cambodia | KHM | PROHIBITED | PROHIBITED | PROHIBITED | |
| Cameroon | CMR | PROHIBITED | PROHIBITED | PROHIBITED | |
| Cayman Islands | CYM | PROHIBITED | PROHIBITED | PROHIBITED | |
| Central African Republic | CAF | PROHIBITED | PROHIBITED | PROHIBITED | |
| Cook Islands | COK | PROHIBITED | PROHIBITED | PROHIBITED | |
| Congo | COG | PROHIBITED | PROHIBITED | PROHIBITED | |
| Cuba | CUB | PROHIBITED | PROHIBITED | PROHIBITED | |
| Curacao | CUW | PROHIBITED | PROHIBITED | PROHIBITED | |
| Democratic Republic of the Congo | COD | PROHIBITED | PROHIBITED | PROHIBITED | |
| Dominica | DMA | PROHIBITED | PROHIBITED | PROHIBITED | |
| Eritrea | ERI | PROHIBITED | PROHIBITED | PROHIBITED | |
| Eswatini (fmr. “Swaziland”) | SWZ | PROHIBITED | PROHIBITED | PROHIBITED | |
| Ethiopia | ETH | PROHIBITED | PROHIBITED | PROHIBITED | |
| Fiji | FJI | PROHIBITED | PROHIBITED | PROHIBITED | |
| Georgia (Abkhazia region) | #N/A | PROHIBITED | PROHIBITED | PROHIBITED | |
| Guam | GUM | PROHIBITED | PROHIBITED | PROHIBITED | |
| Guinea | GIN | PROHIBITED | PROHIBITED | PROHIBITED | |
| Guinea-Bissau | GNB | PROHIBITED | PROHIBITED | PROHIBITED | |
| Guyana | GUY | PROHIBITED | PROHIBITED | PROHIBITED | |
| Haiti | HTI | PROHIBITED | PROHIBITED | PROHIBITED | |
| Iran (Islamic Republic of) | IRN | PROHIBITED | PROHIBITED | PROHIBITED | |
| Iraq | IRQ | PROHIBITED | PROHIBITED | PROHIBITED | |
| Jamaica | JAM | PROHIBITED | PROHIBITED | PROHIBITED | |
| Jordan | JOR | PROHIBITED | PROHIBITED | PROHIBITED | |
| Kosovo | #N/A | PROHIBITED | PROHIBITED | PROHIBITED | |
| Lao People’s Democratic Republic | LAO | PROHIBITED | PROHIBITED | PROHIBITED | |
| Liberia | LBR | PROHIBITED | PROHIBITED | PROHIBITED | |
| Libya | LBY | PROHIBITED | PROHIBITED | PROHIBITED | |
| North Macedonia | MKD | PROHIBITED | PROHIBITED | EDD – ALLOWED | * subject to EDD on a case by case basis |
| Mali | MLI | PROHIBITED | PROHIBITED | PROHIBITED | |
| Marshall Islands | MHL | PROHIBITED | PROHIBITED | EDD – ALLOWED | * subject to EDD |
| Moldova, Republic of | MDA | PROHIBITED | PROHIBITED | EDD – ALLOWED | * subject to EDD on a case by case basis |
| Moldova, (Transinistria) | #N/A | PROHIBITED | PROHIBITED | PROHIBITED | |
| Montenegro | MNE | PROHIBITED | PROHIBITED | EDD – ALLOWED | * subject to EDD |
| Morocco | MAR | PROHIBITED | PROHIBITED | PROHIBITED | |
| Mozambique | MOZ | PROHIBITED | PROHIBITED | PROHIBITED | |
| Myanmar (formerly Burma) | MMR | PROHIBITED | PROHIBITED | PROHIBITED | |
| Nicaragua | NIC | PROHIBITED | PROHIBITED | PROHIBITED | |
| Nigeria | NGA | PROHIBITED | PROHIBITED | PROHIBITED | |
| Korea (Democratic People’s Republic of) | PRK | PROHIBITED | PROHIBITED | PROHIBITED | |
| Northern Cyprus | MKD | PROHIBITED | PROHIBITED | PROHIBITED | |
| Pakistan | PAK | PROHIBITED | PROHIBITED | PROHIBITED | |
| Palau | PLW | PROHIBITED | PROHIBITED | PROHIBITED | |
| Palestine, State of | PSE | PROHIBITED | PROHIBITED | PROHIBITED | |
| Russian Federation | RUS | PROHIBITED | PROHIBITED | PROHIBITED | |
| Saint Kitts and Nevis | KNA | PROHIBITED | PROHIBITED | PROHIBITED | |
| Saint Lucia | LCA | PROHIBITED | PROHIBITED | PROHIBITED | |
| Saint Vincent and the Grenadines | VCT | PROHIBITED | PROHIBITED | PROHIBITED | |
| Samoa | WSM | PROHIBITED | PROHIBITED | PROHIBITED | |
| Senegal | SEN | PROHIBITED | PROHIBITED | PROHIBITED | |
| Serbia | SRB | PROHIBITED | PROHIBITED | PROHIBITED | |
| Sierra Leone | SLE | PROHIBITED | PROHIBITED | PROHIBITED | |
| Somalia | SOM | PROHIBITED | PROHIBITED | PROHIBITED | |
| South Africa | ZAF | PROHIBITED | PROHIBITED | EDD – ALLOWED | * subject to EDD |
| South Ossetia | #N/A | PROHIBITED | PROHIBITED | PROHIBITED | |
| South Sudan | SSD | PROHIBITED | PROHIBITED | PROHIBITED | |
| Sudan | SDN | PROHIBITED | PROHIBITED | PROHIBITED | |
| Syrian Arab Republic | SYR | PROHIBITED | PROHIBITED | PROHIBITED | |
| Timor-Leste | TLS | PROHIBITED | PROHIBITED | PROHIBITED | |
| Trinidad and Tobago | TTO | PROHIBITED | PROHIBITED | EDD – ALLOWED | * subject to EDD on a case by case basis |
| Tunisia | TUN | PROHIBITED | PROHIBITED | EDD – ALLOWED | * subject to EDD on a case by case basis |
| Turks and Caicos Islands | TCA | PROHIBITED | PROHIBITED | PROHIBITED | |
| Turkmenistan | TKM | PROHIBITED | PROHIBITED | PROHIBITED | |
| Uganda | UGA | PROHIBITED | PROHIBITED | PROHIBITED | |
| U.S. Virgin Islands | VIR | PROHIBITED | PROHIBITED | PROHIBITED | |
| Vanuatu | VUT | PROHIBITED | PROHIBITED | PROHIBITED | |
| Venezuela (Bolivarian Republic of) | VEN | PROHIBITED | PROHIBITED | PROHIBITED | |
| Yemen | YEM | PROHIBITED | PROHIBITED | PROHIBITED | |
| Zimbabwe | ZWE | PROHIBITED | PROHIBITED | PROHIBITED | |
| Army / Naval or any other forms of military bases or armed forces locations | #N/A | PROHIBITED | PROHIBITED | PROHIBITED |
The list above is subject to regular change / update.
APPENDIX B – PROHIBITED BUSINESSES / TRANSACTIONS
UPDATED: June 2, 2025
Noveba Limited will not provide account or payment services to entities operating or related to the following sectors / industries:
| Type of Business | Reason |
|---|---|
| Anonymous or Numbered Accounts, unincorporated or unregistered entities, Shell Banking (“Shell bank” means a bank incorporated in a jurisdiction in which it has no physical presence and which is unaffiliated with a regulated financial group). | Not Allowed |
| Cash and Check Handling: Check Cashing, Deposit Taking, Cash Transfer | Not Allowed |
| Credit repair, Debt Restructuring, Debt recovery, Debt settlement, Debt Collections | Restricted / High-risk |
| Embassies, consulates and other governmental bodies | Not Allowed |
| Tobacco, e-cigarettes and e-liquid | Restricted / High-risk |
| Operating a business that requires a license or special permit without obtaining such license (i.e. Unregulated Auction Houses) | Not Allowed |
| Production of Adult or Violent content | Restricted / High-risk |
| Production or Distribution of Offensive Weapons: Ammunition, Firearms, Explosives, Complex Weapons (i.e. guided missiles), Poisons | Restricted / High-risk |
| Transactions involving Human Organs | Restricted / High-risk |
| Sanctioned individuals and entities | Not Allowed |
| Services of Psychic services, occult and pseudo-sciences, alternative medicine. | Other |
| Financial Pyramid or Ponzi Schemes | Illegal |
| Any industry known to be an illegal industry in it’s local jurisdiction or the UK | Illegal |
| Illegal Drugs and Narcotics | Illegal |
| Supply, Sale and Distribution of certain recreational drugs (Payments involving lawful recreational drugs/medicinal marijuana distributors) | Prohibited by Noveba and its partners |
| The sale 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) | Illegal |
| Selling, hosting, distributing, producing or promoting offensive materials, including materials that incites or promotes racial hatred or discrimination based on gender, race, religion, national origin, physical ability, sexual orientation, or age | Illegal |
| Alternative / informal / unregulated payment systems / money service businesses, e.g. Hawala, Chit, Poey Kuan, Hundi, Fei Chi ‘Ien” (including Informal Value Transfer Systems); | High Risk / Illegal |
| Virtual Currency Exchanges, Administrators or Miners and/or Cryptoasset Exchange Providers or Custodian Wallet Providers that are not licensed or regulated in an equivalent jurisdiction; Illegal, unregulated, unlicensed, or unauthorised gambling or gaming firms; | Illegal |
| Trafficking of cultural artefacts and/or wildlife or protected species | Illegal |
| Offenders of environmental regulations and perpetrators of environmental crime. | Illegal |
| Human Trafficking, modern slavery, unlicensed migration / employment agencies | Illegal |
| Unincorporated entities | Not allowed |
| Entities with complex ownership structures where the UBO is separated by over 3 layers of ownership and control | Not allowed |
| Legal entities that have complex ownership/management structures that have no apparent commercial rationale other than to obstruct CDD disclosure and discovery of the UBOs | Prohibited |
APPENDIX C – HIGH RISK BUSINESSES / TRANSACTIONS
UPDATED: December 2, 2025
Provision of payment and account services related to the following industries and types of activities can be considered subject to separate EDD / KYB / KYCC / risk analysis and subject to banking provider’s approval Noveba Limited:
| Type of Business | Reason |
|---|---|
| Licensed Cryptocurrency Exchanges, Platforms, including payments; (MICA-Compliant) | High Risk / High volatility |
| High Value Dealers (jewellery, art, auctions, automotive) | High Risk |
| Crowdfunding / crowdinvesting platforms | High Risk |
| Second-hand vehicle sales | High Risk |
| Extractive services, such as mining or crude oil/gas | High Risk |
| Cash intensive businesses (cash-and-carry, scrap metal, beauty industry) | High Risk |
| Professional sports | High Risk |
| Payroll operators, licensed HR consultants | High Risk |
| Tour Operators | High Risk |
| Charities, non-profit organisations, foundations, and cultural associations, including donation-based. | High Risk |
| Professional providers of Corporate Services, Tax Advisory, Citizenship by Investment, Legal advisors | High Risk |
| Legal entities that use nominee Directors / Secretaries / Shareholders | High Risk |
| Penny stocks or microcap securities; | High Risk |
| Payments involving general trading companies operating in Free Trade Zones (FTZ) | High Risk |
| Regulated Payment Service Providers / Money Service Business | Regulated / High Risk |
| Payments involving downstream processing for correspondent banks, MSBs, financial institutions, and Payment Service Providers that are not otherwise prohibited | Regulated / High Risk |
===end of list===
