Block accused of fresh compliance lapses amid damaging whistleblower report
The Afterpay parent company is reeling from a wave of fresh accusations from a whistleblower in the US, but former employees say its compliance problems are long running.
US payments conglomerate Block quashed internal efforts to strengthen risk and compliance controls in its pursuit of hyper-growth, former employees say, as the Afterpay parent reels from new whistleblower allegations aired in its home market.
Multiple former staff members who worked on the company's US focused mobile payment service Cash App and spoke on the condition of anonymity due to confidentiality agreements told Capital Brief the business had long suffered from weak compliance.
“It was a regular occurrence for some users to have tens or hundreds of connections to other abandoned accounts,” one employee, who was made redundant earlier this year as part of mass layoffs, said.
“Many people suggested only allowing one account per person, linked to a social security number or other unique identifiers as a means of verification but the decision to allow multiple accounts was intentional.”
