ASIC Commences Proceedings Against ISX and JK, page-558

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pomhat

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10/12/20

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Post #: 49478117
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Originally posted by aes411: ↑

That's not what I'm focusing on. I'm focusing on the fact that ISX and Visa disagreed on what the appropriate AML controls were.
ISX's argument as I've highlighted is that Visa is not qualified to specify what controls are appropriate or not and that independent audits found the controls to be adequate. Obviously, AML is a complicated topic and controls have to be continuously reviewed and improved as the bad guys get smarter, but in a commercial dispute, Visa is not in a position to mandate what controls have to be instituted as it's not an AML regulator.
How is this difficult to understand?

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VISA is perfectly entitled to specify what controls it expects of and from the Participants that VISA allows access to VISA's network. any other view is, frankly, ridiculous

ISX is allowed to have a different view, and VISA are perfectly within their rights as an operator to then wave goodbye to ISX.

If that was ISX's main argument, why did it then, after termination, attempt to rectify the deficiencies? this included ISX proposing to cancel troublesome arrangements.. why didn't ISX simply accept the termination and leave it at that?

ISX Price at posting: $1.07 Sentiment: None Disclosure: Not Held
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ASIC Commences Proceedings Against ISX and JK, page-558

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