Block, Inc. (Cash App)

In April 2025, Block (operator of Cash App) agreed to pay $40 million to the NYDFS to settle charges of Bank Secrecy Act and Anti-Money Laundering compliance failures. The investigation found gaps in customer due diligence, insufficient risk-based controls against money laundering, unmonitored high-risk Bitcoin transactions, and a significant transaction alert backlog during rapid growth in 2019-2020. These deficiencies violated New York's money transmitter and virtual currency regulations. Block, which has held a New York money transmission license since 2013 and a BitLicense for Cash App since 2018, also committed to retaining an independent monitor to oversee compliance improvements. This action follows an earlier $80 million multistate settlement for similar violations.

Verified from source: Block, Inc. agreed to pay a $40 million penalty to NYDFS for significant failures in its BSA/AML compliance program related to Cash App, including inadequate customer due diligence and transaction monitoring. The settlement also requires Block to retain an independent monitor to oversee compliance improvements.