Block, Inc. Agrees To $80 Million Fine For BSA/AML Violations

According to Odaily, Block, Inc. has agreed to pay an $80 million fine and implement corrective measures following a coordinated enforcement action by financial regulators in 48 U.S. states. This action addresses violations of the Bank Secrecy Act (BSA) and anti-money laundering (AML) laws, which are designed to protect the financial system from illegal use. Block's mobile payment service, Cash App, is used by over 50 million consumers for transactions, remittances, storage, and investments. As part of the interstate settlement agreement signed this week, Block will pay the fine to state government agencies and hire an independent consultant to review the comprehensiveness and effectiveness of its BSA/AML program. The company is required to submit a report to the states within nine months. Following the report submission, Block will have 12 months to address any deficiencies identified during the review.