Global standards body approves new merchant code for gun sellers

Amalgamated Financial

09/09/2022 21:14

(Adds comment from Amalgamated Bank, technical detail)
    By Ross Kerber
    Sept 9 (Reuters) - An international standards body has
approved the creation of a new merchant code for gun retailers,
a representative said on Friday, following pressure from
activists who say it will help track suspicious weapons
purchases.
    At a meeting this week, a subcommittee of the International
Organization for Standardization approved what is known as a
"merchant category code" for firearms stores, a spokeswoman
said.
    The decision by the Geneva-based nonprofit was long sought https://www.warren.senate.gov/oversight/letters/senator-warren-and-representative-dean-urge-bank-ceos-to-adopt-new-code-for-gun-and-ammunition-retailers
 by advocates of tighter gun regulation, including U.S. Senator
Elizabeth Warren and other Democrats. 
    It clears the way for banks that process gun retailers'
payments to decide whether to assign the new code to merchants.
The code would help monitors track where an individual spends
money, but would not show what specific items were purchased.
    The codes were requested of the Swiss body known as ISO by
Amalgamated Bank  AMAL.O  of New York, which calls itself a
socially responsible lender and investor. 
    In a statement Amalgamated Chief Executive Priscilla Sims
Brown said the new codes will allow financial institutions to
use new tools to detect and report suspicious activity
associated with gun trafficking and mass shootings, without
impeding legal gun sales.
    "This action answers the call of millions of Americans who
want safety from gun violence," Brown said.
    Some gun-rights activists had worried the new codes could
lead to unauthorized surveillance. 
    Mass shootings this year including a rampage in Texas that
killed 19 children and two teachers have continued a
long-running U.S. debate over gun control. urn:newsml:reuters.com:*:nL1N3002IF
    Several top U.S. pension funds had submitted shareholder
resolutions asking payments companies to weigh in on the
issue. urn:newsml:reuters.com:*:nL1N30612M
    A representative for Mastercard Inc  MA.N  said that
following ISO's approval, "We now turn our focus to how it will
be implemented by merchants and their banks as we continue to
support lawful purchases on our network while protecting the
privacy and decisions of individual cardholders."
    Representatives for American Express  AXP.N  and Visa  V.N 
did not immediately comment.

 (Reporting by Ross Kerber
Editing by Chris Reese, Leslie Adler)
 ((ross.kerber@thomsonreuters.com; (617) 856 4341; Reuters
Messaging: Ross.Kerber.Reuters.com@Reuters.net))