ChainCatcher report, according to Bloomberg, Block, Jack Dorsey’s payment company, disclosed in a regulatory filing submitted on Tuesday that it has reached a preliminary agreement with the U.S. Department of Justice regarding an investigation into its anti-money laundering compliance issues. The DOJ will defer prosecution for three years over allegations that Block failed to maintain an effective anti-money laundering program and violated the Bank Secrecy Act. This deferred prosecution agreement still requires court approval and is expected to total approximately $964 million, with a net payment of about $764 million. Block had previously accrued $526 million by the end of June and increased the accrual to $764 million by the end of September.
Block to Pay $964 Million to Settle DOJ AML Investigation
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Summary
Block, the payment company founded by Jack Dorsey, has reportedly agreed to a $964 million settlement with the U.S. Department of Justice over Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) compliance issues. The deferred prosecution agreement, which requires court approval, includes a net payment of $764 million. Block had previously set aside $526 million in June and increased the amount to $764 million by September.
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