<ul><li>Block will pay a $40 million penalty over anti-money laundering deficiencies in its Cash App.</li><li>The New York Department of Financial Services (NYDFS) announced the penalty after finding significant failures in Block's compliance program.</li><li>Block's lax treatment of high-risk Bitcoin transactions and a backlog of transaction alerts contributed to the violations.</li><li>In addition to the penalty, Block is required to retain an independent monitor for compliance evaluation.</li></ul>

Block Fined $40 Million for Cash App’s Anti-Money Laundering Failures

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