Verse, a European mobile payments provider owned by Jack Dorsey’s $50 billion fintech giant Block, has been told by its financial regulator to address concerns about money laundering and checks on the identities of users. If it doesn’t, it risks a penalty, including a fine,Acquired by Block in 2021, Barcelona-based Verse is much the same as Cash App, the payments company under which it operates, providing a quick and easy way to transfer funds over a mobile device.
Helen Prowse, a Block spokesperson, said the company has already implemented critical improvements in response to the bank’s order, noting that the"continuous review and enhancement of our anti-money laundering and countering the financing of terrorism practises is a key priority for us." “If you have the license revoked, it would be very difficult to see how you could quickly get back into business.”While the Bank of Lithuania published a short release on its issues with Verse in December, there was no mention of Cash App or its owner Block. This is the first time Cash App’s involvement in the bank’s order has been made public. Block, a public company listed on the New York Stock Exchange, had not mentioned it in any SEC filings.
The Bank of Lithuania spokesperson Sniukas said he was unable to reveal what spurred the bank into making the order. He confirmed that if any company fails to address the bank’s concerns, it could result in either a fine or a suspension of the banking license, though that’s a much rarer outcome due to the severity of the measure.
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