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

Block will pay a $40 million fine for anti-money laundering and virtual currency compliance failures on its Cash App. An independent monitor will oversee necessary compliance improvements, per New York regulators.

Agencies
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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Business News › Tech › Tech & Internet › Payments company Block to pay $40 million fine in New York over compliance failures
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