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Block Inc Agrees to Pay $80 Million Fine to Settle Allegations of Money Laundering Concerns
Block Inc has agreed to pay an $80 million fine to a group of 48 state financial regulators following an investigation that found the company’s mobile payment service, Cash App, had insufficient policies for policing money laundering. The company will also bring in an independent consultant to review its Bank Secrecy Act and anti-money laundering program and report back to the states on any deficiencies.
As part of the settlement, Block Inc has also agreed to take corrective actions internally to address the issues identified by the regulators. In a statement, a Block spokesperson said the issues were primarily related to Cash App’s prior compliance program, but that the company has since significantly increased its investment in compliance and risk management.
The company’s mobile payment platform, Cash App, has 56 million monthly users and saw over $248 billion in inflows in 2023. The state regulators did not offer specific details about the shortcomings, only saying that they had identified issues with the company’s compliance program.