Wall Street regulators announced Thursday that Block, Inc. has agreed to a $40 million settlement with the New York Department of Financial Services (NYDFS) to remedy "material lapses" in its anti-money laundering compliance program.
The New York Department of Financial Services added that the firm led by Jack Dorsey had agreed to hire an independent monitor after violating the department's rules on money transfers and virtual currencies. The New York State Department of Financial Services found that Block had "inadequate customer due diligence" and had failed to implement systems sufficient to prevent money laundering and illegal activities. Block's services are "vulnerable to criminal exploitation" and argued that Block's "lax handling" of bitcoin transactions has led to a large number of anonymous transactions evading scrutiny.
Block agrees to $40 million fine from New York State Department of Financial Services
2025-04-10 14:20:04
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