#Block was fined $80 million.#

Financial regulators in 48 U.S. states jointly enforced an $80 million fine against Block, Inc.'s mobile payment service Cash App for violating the Bank Secrecy Act (BSA) and anti-money laundering (AML) regulations. Regulators pointed out that Block failed to fully comply with key requirements such as customer due diligence and high-risk account management, potentially leading to its services being used for money laundering, terrorism financing, or other illegal activities. Under a multi-state settlement agreement, Block will pay the fine, hire an independent consultant to review the comprehensiveness and effectiveness of its BSA/AML compliance program, and submit a report within nine months. The company will then have 12 months to rectify any identified deficiencies. This action was spearheaded by states including California and Texas, and Block cooperated fully with the investigation.