U.S. regulators impose $80 million fine on Block and Cash

ChainCatcher news, according to CSBS, based on the official announcement, in a coordinated law enforcement action by financial regulators in 48 states in the U.S., Block, Inc. will pay a fine of $80 million and take corrective measures to address violations of the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) laws, which protect the financial system from illegal use.

It is reported that over 50 million consumers use Block's mobile payment service Cash App to spend, remit, store, and invest. In the multistate settlement agreement signed this week, Block agreed to pay fines to state government agencies, hire an independent consultant to review the comprehensiveness and effectiveness of its BSA/AML program, and submit reports to the states within 9 months. After the report submission, Block will have 12 months to correct any deficiencies identified in the review.