The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

Block to pay $80M fine, address BSA compliance concerns

Block will pay an $80 million fine to settle claims by 48 state regulators that the fintech behind Cash App violated the Bank Secrecy Act and anti-money laundering laws.

The company will also take corrective action to address the violations, including hiring an independent consultant to review the comprehensiveness and effectiveness of its BSA/AML program. The company has nine months to submit a report to the states, which include Arkansas, California, Massachusetts, Florida, Maine, Texas, and Washington.

Block will have another year to correct any deficiencies found in the review.

State regulators in Arkansas, California, Massachusetts, Florida, Maine, Texas, and Washington State led the multistate enforcement effort. Block cooperated with the states in the settlement.

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