Jack Dorsey’s Block To Pay $764,000,000 To Resolve DOJ Anti-Money Laundering Probe

The company behind Cash App is set to pay $764 million to end a federal investigation into its anti-money laundering program. Jack Dorsey’s Block disclosed the deal in its latest quarterly filing with the Securities and Exchange Commission (SEC). Block says it reached an agreement in principle with the Department of Justice (DOJ) in October to settle the matter through a deferred prosecution agreement. Under the deal, the DOJ will put off for three years a charge that Block failed to maintain an effective anti-money laundering program in violation of the Bank Secrecy Act. If Block meets the terms during that time, the DOJ will move to dismiss the charge.

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