NEW YORK- N.Y. : U.S. Senator Kirsten Gillibrand called for the Department of the Treasury (Treasury) and the Department of Justice (DOJ) to work toward the full implementation of the International Organization for Standardization’s (ISO) merchant category code (MCC) for gun and ammunition retailers. Implementation of this new monitoring method could help step up enforcement against illegal gun trafficking, prevent gun violence and mass shootings, and save lives.
Senator Gillibrand is requesting that Treasury and the DOJ publish an advisory and establish a policy framework for financial institutions, law enforcement, and retailors regarding the implementation and use of this new MCC and 1) the reporting of suspicious firearm purchases and actions that could constitute illegal gun trafficking, and 2) its role in addressing gun violence and enforcing gun laws.
MCCs are four-digit numbers assigned to credit card transactions that identify the primary purpose of a business. These codes are maintained by the ISO and are consistent with data standards maintained by major payment networks such as Visa and Mastercard. While almost every other category of business has an MCC, gun stores and dealers have historically operated under “sporting goods” or “miscellaneous” designations, making it impossible for law enforcement to monitor suspicious purchasing patterns. In September 2022, the ISO approved the creation of a new MCC for gun and ammunition retailers, giving authorities a powerful new tool to combat gun violence and trafficking when fully implemented.
For decades, financial institutions have been required to submit Suspicious Activity Reports (SARs) to the government when they suspect that a purchase is made in furtherance of crimes such as terrorism, human trafficking, and fraud. Now, gun and ammunition stores will be brought into this framework to help financial institutions and law enforcement work together to stop gun crimes and illegal trafficking.
“I am proud that provisions from my anti-gun trafficking bill were included in the bipartisan gun safety package, and this initiative builds on that important work,” said Senator Gillibrand. “Working with financial institutions on a new merchant category code for firearm retailers will help law enforcement monitor suspicious and possible criminal activity. I’m calling on DOJ and Treasury to help implement this new method swiftly and efficiently.
“We at Amalgamated Bank believe we all have a role to play in preventing gun violence and keeping our communities safe. That’s why we applied for a code that, when combined with other data points, will allow financial institutions to identify patterns of criminal activity and report them to law enforcement. We are grateful to Senator Gillibrand for her long-time leadership in fighting illegal gun trafficking and straw purchases, and for now working to ensure quick and effective implementation of this new datapoint in the effort to prevent gun violence,” said Priscilla Sims Brown, CEO and President of Amalgamated Bank.
“The new merchant category code that Visa, Mastercard, and American Express will be adopting has the potential to save lives and we commend Senator Gillibrand for her leadership in ensuring its widespread and uniform use. Having a separate category for gun purchases will make it possible to flag suspicious
Next Post
30th Anniversary of Demolition of the Historic Babri Mosque by Hindu Zealots
Tue Dec 6 , 2022
ISLAMABAD -UNS: Today on December 6 marks the 30th anniversary of the demolition of the historic Babri Mosque in the Indian city of Ayodhya by Hindu zealots. The occasion is a sad reminder of the growing anti-Muslim frenzy in India ever since. We condemn the ongoing construction of a Hindu […]
