Cash App’s Commitment to Compliance
We know Cash App plays a critical role in our customers’ financial lives. As we’ve scaled and the external threats our platform faces have evolved, we’ve maintained a relentless focus on compliance, with our investment growing approximately twice as fast as our overall gross profit over the last five years. These efforts, along with continuous self-assessment to improve our programs, ensure that we combat illicit activity while preserving access for the millions of customers who rely on Cash App to participate in the economy.
Here are a few key elements of our risk and compliance program:
- Advanced Know Your Customer (KYC) program that uses AI models to continually risk-score customers based on hundreds of signals, which supports our ability to conduct enhanced due diligence and collect additional customer information as needed.
- Sophisticated mechanisms to detect illicit actors attempting to join or return to Cash App using a range of digital signals that indicate a potential intent to misuse our services.
- Expert teams dedicated to scanning the horizon for emerging threats, proactively helping to identify and mitigate vulnerabilities before the platform is used for other illicit purposes.
- Transaction monitoring models designed to identify and take action on suspicious and high risk activity.
- Robust bitcoin monitoring program that includes enhanced due diligence, real-time transaction blocking, post-transaction continuous monitoring, low on-chain transaction limits, and leverages leading on-chain analytics vendors to detect and act on suspicious activity.
- Dedicated Risk function reporting to our CEO, supported by a new enterprise risk management function.
- Strong relationships with law enforcement agencies, NGOs, and other organizations, which has resulted in positive outcomes on industry-wide efforts to address salient financial crime topics and threats.
- Refined cybersecurity program built on a foundation of comprehensive policies and procedures designed to protect sensitive data with increased staffing and technology.
We strive to be a leader in promoting safety across the financial system and upholding responsible business practices. This is an enduring effort. We are committed to continued investment in safety, and full compliance with both the letter and the spirit of the law as our program continually evolves.
We know Cash App plays a critical role in our customers’ financial lives. As we’ve scaled and the external threats our platform faces have evolved, we’ve maintained a relentless focus on compliance, with our investment growing approximately twice as fast as our overall gross profit over the last five years. These efforts, along with continuous self-assessment to improve our programs, ensure that we combat illicit activity while preserving access for the millions of customers who rely on Cash App to participate in the economy.
Here are a few key elements of our risk and compliance program:
- Advanced Know Your Customer (KYC) program that uses AI models to continually risk-score customers based on hundreds of signals, which supports our ability to conduct enhanced due diligence and collect additional customer information as needed.
- Sophisticated mechanisms to detect illicit actors attempting to join or return to Cash App using a range of digital signals that indicate a potential intent to misuse our services.
- Expert teams dedicated to scanning the horizon for emerging threats, proactively helping to identify and mitigate vulnerabilities before the platform is used for other illicit purposes.
- Transaction monitoring models designed to identify and take action on suspicious and high risk activity.
- Robust bitcoin monitoring program that includes enhanced due diligence, real-time transaction blocking, post-transaction continuous monitoring, low on-chain transaction limits, and leverages leading on-chain analytics vendors to detect and act on suspicious activity.
- Dedicated Risk function reporting to our CEO, supported by a new enterprise risk management function.
- Strong relationships with law enforcement agencies, NGOs, and other organizations, which has resulted in positive outcomes on industry-wide efforts to address salient financial crime topics and threats.
- Refined cybersecurity program built on a foundation of comprehensive policies and procedures designed to protect sensitive data with increased staffing and technology.
We strive to be a leader in promoting safety across the financial system and upholding responsible business practices. This is an enduring effort. We are committed to continued investment in safety, and full compliance with both the letter and the spirit of the law as our program continually evolves.