#Block was fined $80 million.#

Financial regulators in 48 U.S. states jointly enforced an $80 million penalty against Block, Inc.'s mobile payment service Cash App for violations of the Bank Secrecy Act (BSA) and anti-money laundering (AML) regulations. Regulators noted that Block failed to fully comply with key requirements, such as customer due diligence and high-risk account management, potentially enabling its service to be used for money laundering, terrorist financing, or other illicit activities. Under the multistate settlement agreement, Block will pay the penalty, engage an independent consultant to review the comprehensiveness and effectiveness of its BSA/AML compliance program, and submit a report within 9 months. Subsequently, the company will have 12 months to correct any identified deficiencies. The action was led by California, Texas, and other states. Block fully cooperated with the investigation.