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Market
Cash App sees significant user decline post-settlement by Jan 2026?
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User statistics released by Block Inc. or third-party market analysis reports showing a decline
Story
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.
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