Friday, May 9, 2025
News PouroverAI
Visit PourOver.AI
No Result
View All Result
  • Home
  • AI Tech
  • Business
  • Blockchain
  • Data Science & ML
  • Cloud & Programming
  • Automation
  • Front-Tech
  • Marketing
  • Home
  • AI Tech
  • Business
  • Blockchain
  • Data Science & ML
  • Cloud & Programming
  • Automation
  • Front-Tech
  • Marketing
News PouroverAI
No Result
View All Result

US Federal Prosecutors Investigate Block Inc. for Compliance Violations

May 2, 2024
in Blockchain
Reading Time: 2 mins read
0 0
A A
0
Share on FacebookShare on Twitter


\"US

Block Inc., the financial technology firm that was established by Jack Dorsey, is the subject of an investigation by federal authorities in the United States; the inquiry is based on allegations of compliance breaches at the company\’s payment units, Square and Cash App. The company\’s role in processing transactions for customers in countries that are subject to economic sanctions and in enabling cryptocurrency transactions for terrorist organisations was brought to light by a whistleblower who revealed papers outlining the company\’s engagement in these activities.

There have been allegations of violations of compliance. The whistleblower claims that Block Inc. executed thousands of transactions for customers located in countries that are subject to economic sanctions, such as Iran and North Korea. The company\’s compliance methods were called into question as a result of these transactions, which were in violation of US rules. In addition, the records disclosed that Block acted as a facilitator for bitcoin transactions for terrorist organisations, which further highlights the possibility for compliance violations.

According to the allegations presented by the whistleblower, Block Inc. was made aware of the compliance breaches that occurred, but the company did not take the necessary steps to fix the problem. The corporation continued to execute transactions for sanctioned persons and companies, as well as terrorist groups, despite the fact that it was made aware of the breaches. As a result of this inability to resolve the compliance problems, substantial concerns have been raised, which has led to the investigation being conducted by federal prosecutors.

Implications and Possible Consequences The inquiry into the compliance infractions committed by Block Inc. may have substantial repercussions for the corporation. Block might be subject to various legal consequences, including large fines, if he is proven guilty. Furthermore, the company\’s reputation and the faith that its users have in it might be seriously affected, which could result in a loss of consumers and possibilities for revenue.

Image source: Shutterstock

. . .

Tags



Source link

Tags: AIBlockBlockchainComplianceCryptoFederalInvestigateNewsprosecutorsviolations
Previous Post

Bridging the Binary Gap: Challenges in Training Neural Networks to Decode and Summarize Code

Next Post

Build RAG applications with MongoDB Atlas, now available in Knowledge Bases for Amazon Bedrock

Related Posts

5 SLA metrics you should be monitoring
Blockchain

5 SLA metrics you should be monitoring

June 10, 2024
10BedICU Leverages OpenAI’s API to Revolutionize Critical Care in India
Blockchain

10BedICU Leverages OpenAI’s API to Revolutionize Critical Care in India

June 9, 2024
Arkham: US Government Seizes $300M from Alameda Research Accounts
Blockchain

Arkham: US Government Seizes $300M from Alameda Research Accounts

June 8, 2024
Fake Musk Live Streams Flood YouTube During SpaceX Launch
Blockchain

Fake Musk Live Streams Flood YouTube During SpaceX Launch

June 7, 2024
How to Track Crypto Transactions for Taxes?
Blockchain

How to Track Crypto Transactions for Taxes?

June 7, 2024
NVIDIA Enhances Low-Resolution SDR Video with RTX Video SDK Release
Blockchain

NVIDIA Enhances Low-Resolution SDR Video with RTX Video SDK Release

June 7, 2024
Next Post
Build RAG applications with MongoDB Atlas, now available in Knowledge Bases for Amazon Bedrock

Build RAG applications with MongoDB Atlas, now available in Knowledge Bases for Amazon Bedrock

Automate Jest Tests in Your DevOps Pipeline with GitHub Actions

Automate Jest Tests in Your DevOps Pipeline with GitHub Actions

How the brain’s arousal center helps control visual attention too

How the brain's arousal center helps control visual attention too

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Is C.AI Down? Here Is What To Do Now

Is C.AI Down? Here Is What To Do Now

January 10, 2024
Porfo: Revolutionizing the Crypto Wallet Landscape

Porfo: Revolutionizing the Crypto Wallet Landscape

October 9, 2023
A Complete Guide to BERT with Code | by Bradney Smith | May, 2024

A Complete Guide to BERT with Code | by Bradney Smith | May, 2024

May 19, 2024
Part 1: ABAP RESTful Application Programming Model (RAP) – Introduction

Part 1: ABAP RESTful Application Programming Model (RAP) – Introduction

November 20, 2023
Saginaw HMI Enclosures and Suspension Arm Systems from AutomationDirect – Library.Automationdirect.com

Saginaw HMI Enclosures and Suspension Arm Systems from AutomationDirect – Library.Automationdirect.com

December 6, 2023
A faster, better way to prevent an AI chatbot from giving toxic responses | MIT News

A faster, better way to prevent an AI chatbot from giving toxic responses | MIT News

April 10, 2024
Can You Guess What Percentage Of Their Wealth The Rich Keep In Cash?

Can You Guess What Percentage Of Their Wealth The Rich Keep In Cash?

June 10, 2024
AI Compared: Which Assistant Is the Best?

AI Compared: Which Assistant Is the Best?

June 10, 2024
How insurance companies can use synthetic data to fight bias

How insurance companies can use synthetic data to fight bias

June 10, 2024
5 SLA metrics you should be monitoring

5 SLA metrics you should be monitoring

June 10, 2024
From Low-Level to High-Level Tasks: Scaling Fine-Tuning with the ANDROIDCONTROL Dataset

From Low-Level to High-Level Tasks: Scaling Fine-Tuning with the ANDROIDCONTROL Dataset

June 10, 2024
UGRO Capital: Targeting to hit milestone of Rs 20,000 cr loan book in 8-10 quarters: Shachindra Nath

UGRO Capital: Targeting to hit milestone of Rs 20,000 cr loan book in 8-10 quarters: Shachindra Nath

June 10, 2024
Facebook Twitter LinkedIn Pinterest RSS
News PouroverAI

The latest news and updates about the AI Technology and Latest Tech Updates around the world... PouroverAI keeps you in the loop.

CATEGORIES

  • AI Technology
  • Automation
  • Blockchain
  • Business
  • Cloud & Programming
  • Data Science & ML
  • Digital Marketing
  • Front-Tech
  • Uncategorized

SITEMAP

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2023 PouroverAI News.
PouroverAI News

No Result
View All Result
  • Home
  • AI Tech
  • Business
  • Blockchain
  • Data Science & ML
  • Cloud & Programming
  • Automation
  • Front-Tech
  • Marketing

Copyright © 2023 PouroverAI News.
PouroverAI News

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In