It is a requirement of the Bank (actually, strictly speaking, you are not interacting with the Bank, and with the processing center of the Bank, which adheres to the rules of not only the Bank, but International Payment Systems). In this case, MPs (any Visa or MasterCard) do not limit the list of requirements that processing may impose on the merchant.
Another thing is that if you, for example, implement the schema with the input payment information directly on your site, then you need to obtain pci compliance (which is part of pci dss). But there is nothing about the domain of physical person no.
I.e. from the point of view of processing, such a requirement is a legitimate, although not entirely correct.
