Block Inc. has agreed to a $40 million settlement to resolve allegations of compliance failures related to its Cash App platform, according to the New York Department of Financial Services (NYDFS). The settlement comes after an investigation found that Block failed to adequately implement anti-money laundering rules. The company’s actions included failing to properly verify customers and monitor for suspicious activities. This follows similar settlements with other state regulators over compliance issues related to Cash App in 2023. Despite these legal challenges, Block Inc. reported strong financial performance, achieving a 4.5% revenue growth and earning per share increase of 51%. Cash App remains central to this growth, generating significant gross profit in Q4 2024 and boasting over 57 million active users. The app has expanded its services beyond Bitcoin transactions, introducing tax reporting tools for crypto users and plans to expand into full banking services. Building trust with customers is also a priority for Block as it strives to address past regulatory issues regarding fraud complaint handling.