It appears as though Wave Crest had “serious” problems with its anti-money laundering/anti-terrorist finance (AML/CFT ) controls. Hopefully ISX has good AML/CFT systems in place, but if Visa decides to permanently suspend ISX, then it will obviously be a big negative going forward.
Gibralter Fines WaveCrest Prepaid Crypto Card Company $315 000 for AML/CFT Failings
According to FTA, WaveCrest…”once did big business in cryptoland by providing prepaid crypto cards with access to the Visa and Mastercard networks. But its relationship with Visa was abruptly ended back in January 2018, due to ‘continued non-compliance with [Visa’s] operating rules.'”
The company subsequently ran afoul of Gibraltar financial authorities and has now settled.
