JIM accounts cannot be used to manage customer funds, regardless of the type of business. This includes holding, exchanging, transferring, or managing any money that still belongs to your clients (e.g., account funding). All deposits from customers must represent payments for goods or services provided, not client-held funds.
Furthermore, JIM accounts cannot be opened or maintained by businesses involved in the following sectors:
- Manufacturing of armaments, nuclear weapons, or defense products
- Adult entertainment or pornography
- Auctioneering
- Products containing cannabinoids like THC, CBD, CBN
- Unspecified chemical and allied products
- Crowdfunding services
- Cryptocurrency-related activities, except those using blockchain for non-financial services and accepting cryptocurrencies as payment
- Consulates or diplomatic offices
- Escort and dating services
- Gambling and betting services
- Embassies
- Investment entities like equity or mutual funds
- Sellers of counterfeit products
- Fine art trading
- Various fund types, including venture capital and pension funds
- Non-profits, including charities, religious, and political organizations
- Dealers of precious metals and stones
- Businesses dealing in high-value or cash-like transactions
- Dealers in used cars and heavy construction equipment
- Special Purpose Vehicles/Entities (SPV/SPE)
- Streaming services reliant on viewer donations
- Trusts and related entities
- Video game arcades
- Unregulated financial businesses including FX, loan, money services, and remittance
Additionally, any business directly involved with goods listed under the UK’s Strategic Export Control Lists, or those requiring a general license under End-Use Controls, particularly in sensitive sectors like the petroleum industry, are ineligible to open a JIM account.