The Wisconsin Department of Financial Institutions (DFI) on Thursday announced that Wisconsin and 47 other state financial regulatory agencies have taken coordinated action against Block Inc., for violations of Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) laws that safeguard the financial system from illicit use. More than 50 million consumers in the United States use Cash App, Block’s mobile payment service, to spend, send, store, and invest money.
In the multistate settlement signed this week, Block agreed to pay an $80 million penalty to the state agencies, hire an independent consultant to review the comprehensiveness and effectiveness of its BSA/AML program, and submit a report to the states within nine months. Block then will have 12 months to correct any deficiencies found in the review after the report is filed.
Wisconsin residents who have questions about this enforcement action should contact the DFI’s Licensed Financial Services Bureau.
