Block, Inc pays US$80m to US state regulators for AML flaws

US fintech Block, Inc., which operates 'Cash App', a mobile payment service, for 50 million customers, has agreed to pay US$80 million to settle claims by 48 state financial regulators that it violated Bank Secrecy Act (BSA)/anti-money laundering (AML) rules: no details of the breaches were provided in the enforcement notice published by the Conference of State Bank Supervisors (CSBS).

US fintech Block, Inc., which operates 'Cash App', a mobile payment service, for 50 million customers, has agreed to pay US$80 million to settle claims by 48 state financial regulators that it violated Bank Secrecy Act (BSA)/anti-money laundering (AML) rules: no details of the breaches were provided in the enforcement notice published by the Conference of State Bank Supervisors (CSBS).