The last few days we have learnt that Visa is making discovery a little difficult for tiny ISX so I thought I would try and patch together a sequence of events and had some of it verified by ISX. This was built all with the help of a few shareholders and it all was pulled from public records.
https://au.finance.yahoo.com/news/isignthis-ltd-asx-isx-visa-202100430.htmlSo when ISX made a claim of the data breach we all took notice but we didn't dig enough and I will try and walk you through my line of thought as the GDPR has got serious teeth and can impose fines starting at €5m per breach or 4% of global revenues. These are the biggest GDPR fines of 2020 and 2021 (so far):
- Google – €50 million ($56.6 million) ...
- H&M — €35 million ($41 million) ...
- TIM – €27.8 million ($31.5 million) ...
- British Airways – €22 million ($26 million) ...<< https://www.bbc.com/news/technology-54568784
- Marriott – €20.4 million ($23.8 million) ...
- Wind — €17 million ($20 million)
Because Visa was so loose with AML/CFT information, they have likely also breached the confidentiality requirements of the Proceeds of Crime Act (POCA) which may lead to different issues identified
- May have issues with Proceeds of Crime Act (POCA)12:35
- May have issues with Tipping off offence (s.333A)
- May have issues with the Offence of prejudicing an AML investigation (s.342)
One has to ask again why AUSTRAC was not contacted for AML Issues? This to date has not been answered or discussed heavily enough. When we asked ISX they said AUSTRAC was contacted by an external complainant claiming that iSignthis were laundering money. AUSTRAC investigated the Company and gave them an all-clear in writing in mid-2020. The Company has produced the AUSTRAC correspondence to ASX, ASIC and other agencies, and as part of court discoveries. Hopefully one day we will find out who made that complaint, maybe during the trial
Now here is the web of events and information that we have tried to compile. I have sent this to ISX to review and they corrected a few things for us that we had wrong. The red line
Anyway that's enough of this, as always what we do or say here is useless in the whole scheme of things, the courts will decide and the courts will get the truth out for all of us to see
P.S Biotechs 4tw!
