The company was allegedly too slow in reporting suspicious transactions to regulators and failed to adequately screen so-called “high-risk” Bitcoin (BTC) transactions.
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Authors
Sam Bourgi
Sources
Jack Dorsey's Block fined $40M for alleged crypto compliance, AML failures
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Block had over 169,000 suspicious activity alerts by 2020, with SARs delayed an average of 129 days. The delays weakened oversight of suspicious transactions and contributed to compliance vulnerabilities
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