Visa, the one of the biggest card and payment processors worldwide, has sent out a regulatory notification to clients, alerting them about miscoding point-of-sale purchases by using cashless automated teller machines, a process utilized used among cannabis vendors as a temporary fix to process credit or debit transactions.
This occurs as the U.S. Congress debates upon how to deal with cannabis companies and banking. The House approved a defense package in September including provisions protecting banks that engage with state-licensed cannabis firms, but they were not included in a revised agreement submitted last week following discussions with Senate lawmakers.
In the notice, which was acquired by Marijuana Moment, Visa asserted that the corporation is “aware” of the “scheme,” which could result in fines and undisclosed disciplinary actions.
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