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Wisconsin’s Department of Financial Institutions, along with regulatory agencies from several other states, is accusing Block, Inc., the parent company of Cash App, of breaching banking regulations.
State officials are investigating whether the company has complied with anti-money laundering laws.
As part of a multi-state settlement, Block will pay an $80 million fine and hire an external consultant to oversee and report on Cash App’s compliance.
Regulators are concerned that Block has failed to properly verify user identities and report suspicious financial activities, as required by law.
