Crypto Settlement Block Inc Pays 40M

Block, Inc. Settles $40 Million with NYDFS Over AML Failures

• Block, Inc., the company behind Cash App, agreed to a $40 million settlement with the New York Department of Financial Services (NYDFS).
• The settlement addresses Block’s failure to maintain proper anti-money laundering (AML) compliance.
• Significant issues were found in Block’s handling of Bitcoin transactions and customer due diligence.
• This is the second recent sanction against Block for AML failings, following an $80 million settlement earlier this year.
• An independent monitor will be appointed to assess Block’s compliance program progress as part of the settlement terms.

Block, Inc. has settled for $40 million with NYDFS over AML compliance failures related to Bitcoin transactions and customer due diligence. An independent monitor will oversee improvements in their compliance program.