#Block was fined $80 million.#

Block Inc. has been fined $80 million by financial regulators in 48 U.S. states for violations of the Bank Secrecy Act (BSA) and anti-money laundering (AML) regulations. The action was led by California, Texas, and other states. Block cooperated fully with the investigation. The investigation found that Block failed to fully comply with key requirements, including customer due diligence and high-risk account management, which could have resulted in its services being used for money laundering, terrorist financing, or other illegal activities. To resolve the issue, Block agreed to pay the penalty, hire an independent consultant to review the effectiveness of its BSA/AML program, submit a report within 9 months, and remediate the issues within 12 months. This penalty reflects an increasing focus by regulators on enhancing anti-money laundering and counter-terrorism financing compliance among financial institutions. It also serves as a reminder for businesses to prioritize compliance management and avoid substantial losses due to violations.