Sydney-based Macquarie Bank has introduced an industry-first block on gambling services for credit card users to improve the “financial wellbeing of its customers”.
Macquarie Group, better known for its global prominence in infrastructure asset management rather than credit cards, has advised Australian customers of its Macquarie Bank subsidiary that their credit cards will no longer approve purchases related to gambling.
From today, Macquarie Bank will block merchant category code (MCC) 7995 — described variously as “betting” and “gambling transactions” by bank MCC lists, and which includes lotteries — in all credit card transactions, spokesperson Sam Dawson told sister publication GamblingCompliance.
To continue reading...
Our Key Benefits
PaymentsCompliance is a premium information service for compliance, legal and regulatory professionals. Our award-winning regulatory monitoring platform is used by many of the world's leading payment services providers and e-money institutions, regulators, challenger banks, fintechs and law firms.
We keep our clients informed of critical regulatory change and help them understand, with in-depth analysis, when change is coming and the implications for their organisation.
We provide our clients with a quantifiable and significant ROI by reducing the amount of time and money spent monitoring and analysing regulatory environments in multiple jurisdictions.