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Block reportedly greenlit transactions involving terrorist groups and sanctioned nations
Block appears to be squarely in the government’s sights. Prosecutors from the Southern District of New York are reportedly probing extensive compliance lapses at the parent company of Square and Cash App.
NBC News says a former Block employee has handed over documents to federal authorities, painting a picture of how the company failed to gather required risk-assessment information from customers and subsequently processed illegal transactions. They cited “questionable Cash App transactions with entities under sanction by the Treasury Department’s Office of Foreign Assets Control, operations known to sell personal information and credit card data for illegal purposes, and offshore gambling sites barred to U.S. citizens.” “It’s my understanding from the documents that compliance lapses were known to Block leadership and the board in recent years,” Edward Siedle, a former SEC attorney representing the whistleblower, told NBC News.
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