CASH APP PARENT COMPANY TO PAY $80 MILLION TO STATES FOR VIOLATIONS

The parent company of Cash App has agreed to pay states 80-million-dollars in a settlement to resolve violations involving bank secrecy and anti-money laundering laws. According to the Maryland Department of Labor, Block, Inc. will pay the state around 1-point-6-million-dollars and it has agreed to hire an independent consultant to review the comprehensiveness and effectiveness of its safeguard program and submit a report to the states within nine months. Maryland Labor Secretary Portia Wu says the settlement underscores the importance of oversight from financial regulators and it’s essential to ensure that bad actors are prevented from misusing payment services to commit fraud.