Block plans to pay approximately 964 million USD to settle the U.S. Department of Justice's anti-money laundering investigation

According to Bloomberg, Block, the payment company founded by Jack Dorsey, disclosed in regulatory filings submitted on Tuesday that it has reached a principle agreement with the U.S. Department of Justice regarding its investigation into anti-money laundering compliance issues. The Department of Justice will defer prosecution for three years on charges that Block failed to maintain an effective anti-money laundering program and violated the Bank Secrecy Act.

This deferred prosecution agreement still requires court approval, with an expected total amount of approximately $964 million and a net payment of about $764 million. Block had previously accrued $526 million at the end of June and increased the accrued amount to $764 million by the end of September.