Whistleblower Alleges Mastercard And Visa Mishandle Adult Content Platform Payments

A whistleblower has filed a complaint with the Treasury's Financial Crimes Enforcement Network (FinCEN) and the U. S. Justice and Homeland Security departments, alleging that Mastercard and Visa have "willfully failed" to maintain effective anti-money laundering programs despite processing payments for the adult content platform OnlyFans.

The complaint, filed in January 2023, urges FinCEN and the two federal agencies to take action against the card companies. The allegation is that by continuing to process payments on OnlyFans, Mastercard and Visa had breached their obligations under the Bank Secrecy Act. According to the complaint... the failure to implement effective anti-money laundering programs puts vulnerable adults and minors at risk of financial exploitation.

The whistleblower's allegations raise questions about the adequacy of the major credit card companies' compliance with anti-money laundering regulations. USA TODAY has learned that Reuters has obtained an email from FinCEN, confirming that the agency received the complaint. However, the agency declined to comment further on the matter... stating that it does not confirm or deny the existence of whistleblower complaints.

The Justice and Homeland Security departments also declined to comment on the allegations. The complaint and FinCEN's response highlight the ongoing concerns about the need for greater financial institutions' compliance with anti-money laundering regulations. The Adult Performer Experience reports that many adult content creators use platforms like OnlyFans to earn income, and these creators have raised concerns about the lack of protections against financial exploitation.

With this latest complaint, "the issue appears to be taking a new turn," "with major credit card companies criticized for their failure to take adequate action."

Source: Found here

The complaint was filed in January 2023 with the Treasury's Financial Crimes Enforcement Network (FinCEN) and the U.S. Justice and Homeland Security departments, the whistleblower said. By continuing to process payments on OnlyFans, Mastercard and Visa had "willfully failed" to maintain effective anti-money laundering programs required by the Bank Secrecy Act, said the complaint, which urged FinCEN and the two other federal agencies to take action against the card companies.