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Compliance Probe on Block and Cash App
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Federal prosecutors are probing compliance issues at Block, co-founded by Jack Dorsey, over concerns of funding terror and evading sanctions. Cash App is also under scrutiny for compliance failures. Allegations include insufficient customer data collection and dealings in sanctioned countries.
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How could these compliance issues affect the broader cryptocurrency and fintech industry?
How might the investigations impact the reputation and user trust in Block and Cash App?
What measures can financial tech companies take to enhance compliance and prevent illicit activities?
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