Block Reaches $964 Million DOJ Settlement Over Anti-Money Laundering Failures
(4 hours ago) · 1 source · Summarized by CryptoBipto
Block, the parent company of Cash App and Square, has reached a deal in principle with the U.S. Department of Justice worth $964 million to resolve allegations of anti-money laundering (AML) compliance failures. The settlement addresses lapses in Block's systems designed to detect and prevent illicit financial activity. The deal is described as an agreement in principle, meaning final terms may still need to be formalized.
WHY IT MATTERS
When you send money through apps like Cash App or buy Bitcoin through them, the companies running those apps are legally required to watch for signs of illegal activity, such as money laundering.
Read the full analysis with a CryptoBipto membership
Members read why every story matters and the full analysis behind it.
SOURCES
- thedefiant.io
RELATED