Company Directory - Square, Inc.
Company Details - Square, Inc.
Square, Inc.
WebsiteSquare, Inc. is a financial services and mobile payment company that helps businesses of all sizes process payments, manage sales, and track inventory, which can include transcations in countries subject to U.S. sanctions.
CCI Score
CCI Score: Square, Inc.
-46.79
0.03%
Latest Event
Alleged Compliance Failures in Sanctioned Transactions
Federal authorities are investigating allegations that Square processed thousands of unreported transactions in countries under U.S. sanctions, potentially facilitating transactions linked to terrorist groups. A whistleblower has claimed that Square's leadership ignored multiple alerts, reflecting deep-rooted compliance failures.
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QUISLING
Square, Inc. is currently rated as a Quisling.
Latest Events
- MAY022024
Federal authorities are investigating allegations that Square processed thousands of unreported transactions in countries under U.S. sanctions, potentially facilitating transactions linked to terrorist groups. A whistleblower has claimed that Square's leadership ignored multiple alerts, reflecting deep-rooted compliance failures.
-60
Business Practices and Ethical Responsibility
April 10
The reported allegations indicate significant ethical lapses within Square’s business practices. Processing unreported transactions in sanctioned countries not only violates compliance norms but also potentially facilitates illicit financial flows that may support extremist activities. This breach suggests a failure in leadership and oversight, undermining the company’s social responsibility.
Block Faces Scrutiny Over Compliance Lapses at Cash App, Square
- MAY012024
A whistleblower has alleged that Square processed thousands of transactions involving countries subject to U.S. sanctions, raising concerns about deficient compliance measures and the potential facilitation of illicit or terrorist-financed financial flows.
-70
Business Practices and Ethical Responsibility
April 10
The whistleblower’s evidence, as reported by NBC News and cited by Benzinga, suggests that Square processed transactions involving sanctioned countries without sufficient customer risk assessment. This compliance failure indicates a lapse in ethical business practices, potentially enabling financial flows that could benefit authoritarian regimes or terrorist groups, and is therefore reflected in a strongly negative score.
- MAY012024
Documents reviewed by NBC News reveal that Square processed thousands of transfers involving nations under U.S. economic sanctions. This incident, part of a broader probe into compliance failures at Block, raises serious questions about the company’s adherence to regulatory requirements and its role in enabling transactions that could indirectly support terrorist and sanctioned entities.
-50
Public and Political Behavior
April 10
Square's failure to enforce adequate risk-assessment protocols, as highlighted by the whistleblower, demonstrates a disregard for government regulations and a neglect of public accountability. This lapse undercuts trust and may facilitate the funding of extremist activities.
Block reportedly greenlit transactions involving terrorist groups and ...
-70
Business Practices and Ethical Responsibility
April 10
By processing thousands of transfers involving nations under economic sanctions, Square exhibited severe compliance and risk management failures. This behavior not only violates ethical business practices but also potentially facilitates economic channels that can support authoritarian or extremist groups.
Block reportedly greenlit transactions involving terrorist groups and ...
- DEC312023
The NBC News article reported that Square, a unit of Block Inc., processed thousands of small-dollar transactions involving entities in countries subject to U.S. sanctions (including Cuba, Iran, Russia, and Venezuela) as recently as 2023. This was mentioned alongside Block Inc.'s broader compliance failures in anti-money laundering controls.
-50
Business Practices and Ethical Responsibility
April 10
Square's involvement in processing thousands of transactions with entities in sanctioned countries reflects a failure in ethical business practices and compliance oversight. Such actions can undermine the integrity of financial controls designed to prevent illicit financing, indirectly contributing to environments where authoritarian regimes may benefit from unchecked funds. This negative behavior in the realm of business practices and ethical responsibility is flagged as a serious compliance deficiency.
Cash App owner Block pays $40 million fine to New York over 'serious compliance deficiencies'
- DEC312023
Documents provided to federal prosecutors revealed that Square failed to conduct basic due diligence on its international merchant sellers, leading to improper reimbursements of funds frozen for sanctions violations and allowing transactions to proceed before sanctions alerts were resolved.
-40
Business Practices and Ethical Responsibility
April 10
Documents indicate significant compliance failures at Square, where basic customer due diligence on international merchant sellers was not conducted and funds frozen for sanctions breaches were improperly reimbursed. This oversight not only risks violating U.S. sanctions on countries such as Cuba, Iran, Russia, and Venezuela but also undermines the regulatory framework designed to prevent economic interactions with regimes that may harbor authoritarian practices. The failure to adhere to fundamental compliance standards suggests a broader neglect of ethical business practices.
Federal prosecutors are examining financial transactions at Block, owner of Cash App and Square
- JAN012023
Documents provided by a former Block employee indicate that Square, a subsidiary unit of Block Inc., processed thousands of transactions with entities in countries under U.S. sanctions, including Cuba, Iran, Russia, and Venezuela, as recently as 2023. This revelation points to serious compliance shortcomings in monitoring transactions and ensuring adherence to regulatory requirements.
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