Block Inc. Pays $40 Million Settlement to NYDFS over Cash App AML Failures

Financial technology company Block, formerly known as Square, has reached a $40 million settlement with the New York Department of Financial Services (NYDFS) for failures in its anti-money laundering (AML) program, particularly within its Cash App platform. The settlement stems from the NYDFS uncovering significant weaknesses in Block’s compliance systems while Cash App expanded to offer Bitcoin services.