Block Books $764 Million for Planned DOJ Deal That Would Defer a Bank Secrecy Act Charge

Block has booked $764 million against a planned deferred prosecution agreement with the Justice Department, putting a price on a probe of the Cash App and Square operator’s anti-money laundering controls that dates to 2023, according to a quarterly SEC filing posted Nov. 3. The October agreement in principle calls for a three-year deferred prosecution agreement covering “a charge that the Company failed to maintain an effective anti-money laundering program in violation of the Bank Secrecy Act.” Full compliance over the term would end with the DOJ moving to dismiss the charge with prejudice. No final deal is signed, a court must still approve one, and the filing says the cost could exceed what Block has accrued.

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