Ann: ASX Query Letters re ISX suspension & termination by Visa, page-200

it doesn't really matter what facts Visa's decision was based on - it is purely a commercial arrangement and they decided to have no further relationship with ISX..

it appears as though, based on quotes, that the issue had nothing to do with ISX's technology. the references in the Visa reasoning relate to ISX's processes, controls and governance associated with AML - i.e. what ISX believed their responsibilities to be, and what course of actions they would take in the event that an issue came up.. the quotes purport that ISX acknowledged their shortcomings, but were not willing or able to take the corrective action necessary to meet Visa's standard.. this part is neither here nor there when it comes to the suspension though

to put it crudely, ISX do not believe they need to do any KYC checks on the entities that they do business with (even though, funnily enough, they supposedly offer KYC along with AML related services). Visa have done their own KYC check, and decided that they do not want to do business with ISX.

the conspiracy theorists can put up however many possibilities they want re Visa's decision and when it happened - but the crux of the issue is the timing of ISX announcing the termination (in relation to this matter, there could well be other matters that on their own also support the continuing suspension)

if ISX had simply responded that yep, the Visa suspension was material back in March, whoops, we should have immediately disclosed it, but it was an oversight as our shares were already suspended - I've seen a similar line of response used by other listed companies a number of times and that particular issue can go away.. unfortunately the line of responses in this instance has simply dug a deeper hole