Cash App parent company Block fined $80 million for BSA/AML violations

Reprinted from panewslab

01/16/2025·19days ago

PANews reported on January 16 that according to joint enforcement actions by financial regulators in 48 states in the United States, Block was fined US$80 million for violating the Bank Secrecy Act (BSA) and anti-money laundering (AML) regulations. Block agreed to pay a fine and hire an independent consultant to review the effectiveness of its BSA/AML program, submit a report within nine months and rectify the issues within 12 months. Violations may result in its services being used for illegal activities such as money laundering and terrorist financing. This operation was led by California, Texas and other states, and Block cooperated with the investigation throughout the process.