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…
AML, Banking, CFT, Compliance, Financial Services, Regulatory, Sanctions, US
NEWS: Big trouble for Cash App as FinCEN probes major CDD holes; huge headache for high profile investors, Visa Inc and Wells Fargo

BLOCK: File photo shows Jack Dorsey, the CEO and founder of Block