Prosecutors Digging Into Financial Transactions at Block
- US prosecutors are looking into financial transactions at Block.
- Block allegedly processed transactions involving countries under US sanctions.
- The company also allegedly failed to gather sufficient information from its users.
Prosecutors in the United States are looking into the financial transactions at Twitter founder Jack Dorsey’s Block, the parent firm of Cash App and Square.
As per a NBC report, citing two people with direct knowledge of the matter, the prosecutors are looking into the internal practices at Block and discussing with a former employee the alleged widespread and compliance issues at Cash App and Square.
The former employee at Dorsey’s company provided documents to the prosecutors in the Southern District of New York, which show that Cash App and Square customers were not asked to share sufficient information to assess their risks.
The documents also reveal that Square successfully processed thousands of transactions that involved nations subjected to economic sanctions by the United States. Further, the documents also show that the firm processed transactions for c…
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