Block Agrees to $40M Settlement With New York Over Faulty Money-Laundering Controls

Block agrees to pay $40M New York penalty

The payments technology company agreed to pay the fine under a consent order to settle allegations related to lax oversight of its Cash App payments tool.

Block Agrees to $40M Settlement With New York Over Faulty Money-Laundering Controls

The payments and blockchain firm has agreed to an outside monitor as it resolves its compliance with New York regulations.

Jack Dorsey’s Block Settles With New York Regulator for $40,000,000 Over Alleged Cash App Crypto Compliance Issues - The Daily Hodl

The digital payments company co-founded by Jack Dorsey has settled with the New York state financial regulator amid alleged compliance issues with its Bank Secrecy Act/Anti-Money Laundering (BSA/AML) program. In a statement, the New York Department of Financial Services (NYDFS) says that Block committed lapses with how it operated Cash App, the firm’s peer-to-peer money transmission service that began offering Bitcoin (BTC) transactions in 2018.…

Jack Dorsey’s Block Hit with $40 Million Fine Over Cash App’s Anti-Money Laundering Failures – MAXBIT

Block, the crypto company that operates Cash App, was fined $40 million by New York’s financial regulator for failing to monitor and restrict money laundering on its platform. Block, formerly called Square, is owned by co-founder Jack Dorsey. New York’s Department of Financial Services (DFS) cited money laundering flaws, know-your-customer gaps, and issues relating to...

Block Inc. Agrees to $40 Million Settlement Over Cash App Compliance Violations

Block Inc. settles for $40 million over Cash App compliance failures related to anti-money laundering. Despite legal issues Block Inc. reports strong financial growth and steady performance in 2024. Cash App continues to grow with 57 million active users and new services despite regulatory challenges. Block Inc. has agreed to a $40 million settlement with the New York Department of Financial Services (NYDFS). The payment resolves allegations of …

Block fined $40m over AML failings related to Cash App

Fintech firm Block has agreed to pay a $40m fine after New York’s Department of Financial Services (DFS) found “significant” lapses in its anti-money laundering compliance programme linked to its Cash App platform. The violations contravened the Department’s money transmission and virtual currency rules. Block has held a licence from the New York Department of Financial Services (NYDFS) to carry out money transmission within the state since 2013…