Magnetiq Bank Target Clients

Magnetiq Bank’s target clients are legal entities – financial technology companies from various industries that use the bank’s services for both daily financial operations and business growth.

These include:

1. Fintech and payment companies.

   Companies registered and licensed in Latvia or the European Economic Area (EEA) that use services such as safeguarding of client funds, payment processing, merchant acquiring, and lending.

2. E-commerce and digital businesses.

   Companies registered in Latvia or the EEA that use services such as safeguarding of client funds, payment processing, merchant acquiring, and lending.

3. Payment and electronic money institutions.

   Institutions registered and licensed in Latvia or the EEA that use services such as safeguarding of client funds, payment processing, merchant acquiring, and lending.

4. Crypto companies.

   Companies registered and licensed in Latvia or the EEA that use fiat and crypto conversion (on-ramp and off-ramp) solutions, as well as safeguarding of client funds, payment processing, and merchant acquiring services.

Magnetiq Bank Cooperation Principles

Magnetiq Bank cooperates only with companies whose activities comply with the highest international standards and regulatory requirements.

The bank does not initiate or continue cooperation with clients whose business activities or origins are associated with the following sectors or risks:

• Entities and individuals subject to international or national sanctions.
• Companies offering goods or services subject to sanctions.
• Shell entities and their cooperation partners.
• Shell banks or entities that demonstrate characteristics of shell banks.
• Anonymous persons or companies with unclear ownership structures.
• Unlicensed financial institutions conducting actual business operations.
• Clients who fail to provide complete or truthful information or attempt to mislead the bank.
• Persons or companies with known links to fraudulent activity, money laundering, terrorist financing (ML/TF), or reputational risks.
• Clients or key partners who are residents of countries listed on the FATF blacklist, or jurisdictions with high political or security risks.
• Payments made to or from countries and territories included in the FATF blacklist or located in regions affected by armed conflict.