Federal prosecutors are examining financial transactions at Block, owner of Cash App and Square
Update: 2024-05-03
Description
Federal authorities are scrutinizing financial operations at Block, the parent company of Cash App and Square, according to sources close to the matter. These investigations focus on compliance shortcomings within the company’s major subdivisions, stretching back several years. Documents from a former employee allege that the company has been remiss in its regulatory duties, including failing to adequately report transactions that breach U.S. sanctions and involve high-risk countries.
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