Payments company Block to pay $40 million fine in New York over compliance failures

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Block will pay a $40 million fine to settle accusations the payments company had significant failures in its anti-money laundering compliance program and virtual currency compliance failures on its Cash App platform, New York’s financial services regulator said on Thursday.

Adrienne Harris, New York’s superintendent of financial servicers, said Block will also hire an independent monitor to oversee compliance improvements.

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Payments company Block to pay $40 million fine in New York over compliance failures


Block will pay a $40 million fine to settle accusations the payments company had significant failures in its anti-money laundering compliance program and virtual currency compliance failures on its Cash App platform, New York’s financial services regulator said on Thursday.

Adrienne Harris, New York’s superintendent of financial servicers, said Block will also hire an independent monitor to oversee compliance improvements.

Discover the stories of your interest

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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