Reported about 5 hours ago
Block Inc has been fined $80 million by a coalition of 48 US state financial regulators due to inadequate policies for preventing money laundering through its Cash App service. The settlement requires the company to hire an independent consultant to assess its compliance with the Bank Secrecy Act and implement corrective measures. Block acknowledges past compliance issues but has committed to enhancing its investment in compliance and risk management.
Source: YAHOO