Visa, Master Card payment gateways may come under surveillance

NEW DELHI: Government is considering to bring all international payment gateways like Visa and Master Card under the ambit of law, whereby they would have to report suspicious transactions to the security agencies.

This was stated by Minister of State for Finance S S Palanimanickam in Rajya Sabha while replying to a written question on whether the government was going to bring Master Card, Visa and other money wire transfer agencies under strict surveillance.

"The proposal to bring all international payment gateways like Visa and Master Card and wire transfer agencies in the category of institutions obliged to report cash transactions and suspicious transactions is under consideration of the government," the minister said.

"If and when such agencies are brought under the Prevention of Money Laundering Act 2002, they will be required to furnish reports in accordance with the provisions of the Act," he said.

The Minister also informed the house that during the last fiscal, the Financial Intelligence Unit received 21 lakh cash transactions reports and 817 suspicious transactions reports from the reporting entities.