The New York State Department of Financial Services (DFS) has fined Block, Inc. (NYSE:XYZ) $40 million for violations tied to its anti-money laundering and virtual currency compliance protocols on the Cash App platform.
The enforcement action follows a state-led investigation revealing significant regulatory gaps in customer identification and transaction monitoring, increasing the risk of illicit financial activity.
According to DFS Superintendent Adrienne A. Harris, the fine addresses years of insufficient oversight at Cash App, particularly in …Full story available on Benzinga.com
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