Official statements from Block Inc. or regulatory reports confirming the implementation

Block Inc. to Pay $80 Million Settlement to 48 States Over Cash App Anti-Money Laundering Violations, Including Illinois

Jan 16, 2025, 02:10 AM

Block Inc., the parent company of Cash App, has agreed to pay an $80 million settlement to 48 state financial regulators due to violations of anti-money laundering laws. The settlement addresses deficiencies in the company's compliance program related to the Bank Secrecy Act. Regulators from various states, including Illinois, cited insufficient policies for monitoring money laundering activities through the digital payment platform. The agreement follows scrutiny of Cash App's operations and aims to enhance compliance measures moving forward.