#Block was fined $80 million.#

The financial regulators of 48 US states have jointly enforced an $80 million penalty on Block, Inc.'s mobile payment service Cash App for violations of the Bank Secrecy Act (BSA) and anti-money laundering (AML) regulations. The investigation found that Block was not fully compliant with key requirements, such as customer due diligence and management of high-risk accounts, which could have allowed its services to be used for money laundering, terrorist financing, or other illicit activities. Under the settlement agreement, Block will pay the penalty and engage an independent consultant to review the comprehensiveness and effectiveness of its BSA/AML compliance program and submit a report within nine months. Subsequently, the company will be required to correct any identified deficiencies within 12 months. The action was led by California, Texas, and other states, with Block fully cooperating throughout the investigation.