Arizona DIFI Joins $80 Million Enforcement Action Against Block, Inc., Cash App for BSA/AML Violations

Washington D.C. — The Arizona Department of Insurance and Financial Institutions (DIFI) and 47 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 dollar 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.

Read the entire press release. Arizona Department of Insurance & Financial Institutions, January 21, 2025