Block to Pay $80 Million to Settle AML Violation Allegations

Block has agreed to pay an $80 million fine and undertake corrective actions to resolve a coordinated enforcement action by 48 state financial regulators that alleged the company violated Bank Secrecy Act (BSA) and anti-money laundering (AML) laws.The enforcement action centered on Block’s mobile payment service, Cash App, the Conference of State Bank Supervisors said in a Wednesday (Jan. 15) press release.In addition to paying the assessed penalty to the state agencies, Block agreed to hire an independent ...