Block to Pay New York $40 Million in Cash App Settlement (1)

Block Inc., the digital payments firm founded by billionaire Jack Dorsey, was fined $40 million by New York for alleged anti-money-laundering inadequacies and cryptocurrency compliance failures on its Cash App platform.

The New York Department of Financial Services issued the fine after an investigation found Block had failed to conduct adequate due diligence on its customers and to monitor and report suspicious transactions in a timely manner, the agency said in a consent order Thursday. Block also allegedly failed to screen and monitor high-risk Bitcoin transactions. The department found violations of consumer protection regulations, according to the order. ...