Visitors to the Vatican City can once more use their credit cards for purchases and ATM withdrawals, following the end of a six week ban over money laundering concerns.
Do the AML concerns go away because a non EU acquirer has been appointed? I guess that the Vatican still is using Euro as the currency and are the Swiss regulators in acceptance that their payment institutions service entities for whom AML issues are raised.
And furthermore, is it OK for the card schemes that the AML rules are circumvented?
Strange because the EU reported back in June 2012 which non-EU Countries are considered as having equivalent AML systems to the EU - and Switzerland is amongst them. So is it that Italy has a 'stronger' flavour?
Guards from Switzerland. Now, a cards processor from Switzerland. Maybe it's time the EU accepted that 'what happens in Vatican stays in Vatican'!
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© Finextra Research 2014