Anti-Financial Crime & Financial Crime Compliance
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NEWS: Big trouble for Cash App as FinCEN probes major CDD holes; huge headache for high profile investors, Visa Inc and Wells Fargo

PROBE: Inadequate CDD processes by US fintech Cash App poses risks for shareholders of its parent, Block Inc. - the enormous fintech founded by Jack Dorsey, co-founder of Twitter. Two whistleblowers have said in complaints to FinCEN and other federal regulators that the app worked with sanctioned individuals and did not conduct proper AML checks which could also be a problem for Visa, whose name is emblazoned in the company's cards.

By AML Intelligence Correspondents FinCEN is investigating serious whistleblower claims that the US fintech Cash App has been operating with inadequate CDD processes. Two whistleblowers have reported that Cash App’s inadequate CDD potentially facilitated money laundering and terror financing. Cash App’s AML program “had no effective procedure to establish the identity of its customers,” the…

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