“The international organization responsible for creating merchant category codes for credit card purchases has given its approval to establish one for transactions made at gun stores,” The Center Square reports.
The International Organization on Standardization’s (ISO) Registration and Maintenance Management Group met on Wednesday to discuss setting up such a code.
“The creation of a new code would help financial institutions detect and report suspicious activity, such as unusually large purchases of firearms or ammunition, or purchases from multiple stores, that may be used for criminal purposes,” it claimed.
According to the news release, “credit card companies use a four-digit merchant category code to classify businesses by the types of goods and services sold. Merchant category codes are set by the International Organization on Standardization