ASIC Commences Proceedings Against ISX and JK, page-1775

the timelines do make sense - Visa may have been perfectly happy to extend into Australia on the back of the existing relationship.. it's not like they were onboarding ISX as a new client?

the termination correspondence states ISX had been uncooperative throughout Visa's attempt to conduct a review of their AML practices - the decision wasn't a rash one made in March 2020, it had developed over a fair period of time and frustration (again, not refuted by ISX - I'd say that is a pretty big "thing" to have happened since August/September 2019).

Given how long a lot of corporate back and forth can takes it wouldn't surprise me if the review was initiated at about the time (or very shortly after) they extended ISX within the network.

"And to this day VISA has filed no AML issues with regulators about ISX"

again, you are smokescreening with something that is entirely irrelevant to the whole issue. ISX had AML governance issues, they admitted as much to Visa (according to Visa, again, not refuted by ISX). no actual breaches occurring does not mean in any way, shape or form mean that ISX's practices were up to scratch or an acceptable standard.