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Something is very wrong. Is anyone watching? Does anyone care? Can this be another government screw-up?, page-209

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bgtaylo

3,806 Posts.

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28/10/20

13:00

Post #: 48453554
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Originally posted by THGH: ↑

My view is as follows:

Visa changed its rules to digital staged wallets. one of their reasons was because they thought that staged wallets gave visa reduced control and visibility on AML issues.

Discussions commenced when the rules changed in regards to access to product. ISX view that Visa was behaving in an anti competitive way. Visa's view is most likely staged wallets introduce more risk when visa doesn't have access to the transaction data to report suspicious transactions.

This coupled with ASX suspension and derogatory media I believe put extra focus on the AML / brand risk even though ISX are fully compliant with the regulation.

There was a quote from the most recent announcement which basically says there is too much risk to visa when all of the information is considered collectively. I take it, that it means the ability to monitor AML and the reports of derogatory media and ASX suspension is just too much brand risk.

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Nice pick up on the collective risk quote.
If ISX can prove the added risk was applied from the suspension. I wouldn’t be surprised to see another amendment to the SOC .

ISX Price at posting: $1.07 Sentiment: Hold Disclosure: Held
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