In policy areas where the law has yet to catch up, financial firms can end up writing regulations themselves. And new dilemmas keep emerging
The boundary of censorship is now being extended further, into the pornography business. From October 15th adult websites worldwide will have to verify the age and identity of anyone featured in a picture or video, as well as theof the person uploading it. They will need to operate a fast complaints process, and must review all content before publication. These rules are being imposed not by regulators but by Mastercard, a credit-card giant.
Governments also began to tap banks for help at home. A craze for online poker prompted America’s Unlawful Internet Gambling Enforcement Act of 2006, which handed responsibility for blocking transactions not to the internet service providers that allowed access to poker sites, but to the companies that enabled the payments. As most American states legalised the cannabis industry in some form, its growth was nipped in the bud by federal laws that dissuade banks from dealing with marijuana moguls.
Activists have also been applying pressure, causing firms to drop unpopular clients. In January, following outcry over a riot at theCapitol, Deutsche Bank and Signature Bank ended their dealings with Donald Trump, then the president, whom Signature called on to resign. Mr Trump has presumably found other banks willing to work with him. But in some industries, enough banks have turned up their noses that it can be a problem.
Visa and Mastercard both say that, as global companies, their guiding principle is local legality. But things are not always black and white. In 2017, after a far-right march in Charlottesville, Virginia, Mastercard shut down the use of its cards on websites that had made “specific threats or incite[d] violence”, but kept dealing with others labelled hate-groups.
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