The bucking of the process order here concerns me greatly. Any other business, company and/or industry has a process to follow. This process that should be followed is that the company involved must establish its business plan and business and with that it must complete an application and with that approach the appropriate licensing authorities, regulators and/or government agencies in the jurisdiction in which they intend to operate and apply for appropriate registration, regulation and/or licensing.
What has happened here? Has this already happened here? The licences have been progressed and this is now a response to those applications? I doubt it.
It would seem that the data protection people have seen this announcement and are either a) Afeared that these people are going to go ahead without and of this compliance and outside the law of all jurisdictions including tax authorities! OR b) That the data protection people want to help fast-track the processes.
Either way: I am worried and so should everyone else be – that these people are getting privileged access to regulatory time when they do not pay for it through taxes: or that our regulators should feel the need to be so proactive.
Bill Trueman is a leading payment, risk & fraud specialist who provide payment fraud prevention consultancy services to card issuers, banks, and business organizations worldwide. For more information one can visit his website at RiskSkill, apart from this he is also joint chief executive of AIRFA.
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