Block Pays $40 Million Settlement Over Cash App Compliance Issues
- Block, co-founded by Jack Dorsey, settled with New York’s financial regulator for $40 million.
- The settlement addresses alleged compliance lapses in Block’s Bank Secrecy Act/Anti-Money Laundering program.
- Issues involved customer due diligence and control failures to prevent money laundering via Cash App.
- The company’s rapid growth from 2019 to 2020 contributed to transaction alert backlogs.
- An independent monitor will be engaged to assess Block’s compliance and remediation efforts.
Block has agreed to a $40 million settlement with New York regulators over alleged anti-money laundering compliance issues related to its Cash App service, which saw rapid growth between 2019 and 2020. The company will also hire an independent monitor for further evaluation.
Source (2.6)https://dailyhodl.com/2025/04/11/jack-dorseys-block-settles-with-new-york-regulator-for-40000000-over-alleged-cash-app-crypto-compliance-issues/?rand=59076
