Block Inc., founded by Jack Dorsey, is under investigation by federal authorities in the US for compliance breaches at its payment units, Square and Cash App. A whistleblower revealed that the company processed transactions for sanctioned countries and facilitated cryptocurrency transactions for terrorist organizations.
Summary:
– Block Inc. is facing an investigation for compliance breaches at Square and Cash App.
– The company allegedly processed transactions for sanctioned countries and facilitated cryptocurrency transactions for terrorist organizations.
– Despite being aware of the compliance breaches, Block Inc. did not take necessary steps to address the issues.
– Legal consequences, including fines and damage to reputation, could result from the investigation.
