Letter from VISA to iSignthis and iSignthis eMoney 6 March 2020, stating that, following a broad review of iSignthis’ merchant portfolio and risk program, VISA had identified:
(1) unusual transaction activity, including an unexpectedly high volume of cross-border transactions by United States cardholders and a high number of transactions with merchant category codes often associated with miscoded and/or illegal gambling; (2) suspicious merchant activity; (3) press coverage raising concerns about iSignthis’ internal governance, due diligence and client portfolio, including in relation to investigations by the ASX and ASIC into iSignthis; and (4) other ongoing risk concerns relating to iSignthis’ refusal to cooperate in an attempted risk review in August 2019, despite ongoing alerts from the VISA Compliance Programs on indicators for fraud, dispute and illegal activity, and suspected cases of transaction laundering,
and that, taken collectively, these matters raised serious concerns about whether iSignthis was operating appropriate programs to manage AML and Risk.
If you can bothered to know the facts as ASIC sees them, you can read the ASIC statement of claim from page 19. It outlines the various ways in which ASIC alleges the company misled the public.
