Block fined US$40m in New York for BSA failings, SARs backlog

Block, Inc, formerly Square, must pay a US$40 million civil penalty to the New York Department of Financial Services over Bank Secrecy Act/Anti-Money Laundering (BSA/AML) violations in operating its Cash App peer-to-peer money transfer service.

Block, Inc, formerly Square, must pay a US$40 million civil penalty to the New York Department of Financial Services (DFS) over Bank Secrecy Act/Anti-Money Laundering (BSA/AML) violations in operating its Cash App peer-to-peer money transfer service.