U.S. prosecutors are reportedly investigating the fintech firm after a whistleblower claimed it processed thousands of transactions for users from sanctioned countries and terrorist groups.
United States federal prosecutors are reportedly probing Jack Dorsey’s fintech company Block, Inc. after a whistleblower surfaced documents alleging ongoing and widespread compliance violations at the firm’s payment arms Square and Cash App.
A former Block employee provided prosecutors from the Southern District of New York with documents allegedly showing that Square and Cash App processed thousands of transactions for users in countries subject to economic sanctions as well as crypto transactions for terrorist groups, NBC News reported on May 1
Roughly 100 pages of the documents were provided to NBC News, which reported many transactions were in small dollar amounts involving entities in countries subject to United States economic sanctions, including Iran, Russia, Cuba, and Venezuela.
