iSignthis: ASIC’s win today is a win for the sector and ISX
iSignthis has issued an announcement and informs that:
ISX has made it clear multiple times that we do not offer services to unlicensed binary operators who target Australians.
ASIC’s win today is a win for the sector and ISX, as unlicensed operators drag licensed operators, unsuspecting customers and their suppliers (like ISX & the banks) down.
This judgment actually strengthens ISX’s business case, as a further source of illegal traffic is shut down, with a clear message sent by the court.
What the media do not want to understand is that money laundering cartels and criminals are only defeated by a strong customer due diligence (aka KYC) regime and transaction monitoring.
The “ KYC” service ISX offers to licensed AFSL holders is provided in order to help AFSL holders to meet their compliance requirements.
CBA, NAB, Westpac, Bendigo, Citibank, Allianz are all defendants in the court action referred to in the Age/SMH story. Yet ISX, who doesn’t get a mention anywhere in this case, gets the headline!
For those that are curious, and looking for a link (any link) to ISX in the case, be my guest……. the judgment is attached.
Licensing and enforcement is the jurisdiction of ASIC. ISX relies upon ASIC enforcing the law, and, as I said hours earlier in my LinkedIN post, we welcome ASIC prosecuting illegal operators.
ISX provide a valuable service to the community with our KYC service, which would have defeated both Westpac and CBA money laundering issues at their source.
Find also HERE iSignthis 4C.
iSignthis Ltd is on the OneStopBrokers Directory. Find the Company HERE
iSignthis is a leading payments and identity technology company, publicly listed on the Australian Securities and Frankfurt Stock Exchange (ASX : ISX | FRA : TA8). The company’s core services include remote identity verification, payment authentication, and processing and card acquiring services offered through our patented Paydentity™ and ISXPay® solutions.