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

Economic Times · 8d

Block will pay a $40 million fine to settle allegations of significant compliance failures in its anti-money laundering program and virtual currency compliance on its Cash App platform. New York's financial services regulator highlighted these issues, stating that Block is also required to hire an independent monitor to ensure compliance improvements. This settlement underscores the importance of robust compliance programs in financial technology services.