Block whistleblower says firm ignored compliance, allowed terror groups
Jack Dorsey’s fintech firm Block is being probed by federal prosecutors after a former employee claimed that “everything in its compliance section was flawed” and that it’s “led by people who should not be in charge of a regulated compliance program.” As reported by NBC, the whistleblower also claimed that Block and its business units Cash App and Square transacted crypto for terrorists, facilitated payments for sanctioned countries, and flouted compliance protocols. The whistleblower — a former Block employee — reportedly provided 100 pages of documents to prosecutors from the Southern District of New York that show the alleged malpractice. The documents allegedly detail how Block processed numerous crypto transactions for terrorist-designated groups. Meanwhile, Square and Cash App allegedly failed to collect relevant information from customers that would help assess risks. Square also reportedly facilitated thousands of transactions with coun...