<ul><li>Block, Inc. has reached a $40 million settlement agreement with the New York Department of Financial Services (NYDFS) over anti-money laundering (AML) violations related to its Cash App platform.</li><li>An investigation by NYDFS found significant weaknesses in Block, Inc.'s AML program, including improper management of high-risk Bitcoin transactions and inadequate risk-based controls and customer due diligence procedures.</li><li>In addition to the fine, Block, Inc. will be required to appoint an independent monitor to oversee compliance activities.</li><li>Block, Inc. previously settled with 48 other state financial regulators for $80 million earlier this year, and despite the regulatory challenges, the company's business operations continue to thrive.</li></ul>

New York Regulators Impose $40 Million Fine on Block, Inc. for Cash App Violations

Discover more