#Cash App fined $80 million#

Block, the parent company of Cash App, has been fined $80 million by a joint enforcement action from financial regulators in 48 states for violating the Bank Secrecy Act (BSA) and anti-money laundering (AML) regulations. The investigation found that Block failed to fully comply with key requirements, including customer due diligence and management of high-risk accounts, which could have allowed its services to be used for money laundering, financing terrorism, or other illegal activities. As part of the settlement agreement, Block will pay the fine, hire an independent consultant to review its BSA/AML compliance program, and submit a report within nine months. The company will then have 12 months to correct any identified deficiencies. The action was led by the states of California, Texas, and others, with Block fully cooperating with the investigation.