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Jack Dorsey's Block Settles for $40M with NYDFS over AML 'Gaps'

The company behind Square and Cash App settled with New York's top financial regulator over an alleged shortage of anti-money laundering safeguards.
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Apr 10, 2025 • 1 min read

Jack Dorsey's Block pays $40M to NYDFS to resolve AML violations, emphasizing the importance of compliance for crypto-linked firms.

What’s the Scoop?

  • Settlement Reached: Block, Inc., founded by Jack Dorsey, agreed to pay a $40M penalty to the New York Department of Financial Services (NYDFS) for anti-money laundering (AML) compliance failures.
  • AML Gaps Addressed: NYDFS identified significant gaps in Block's AML program, citing insufficient transaction monitoring and inadequate oversight protocols.
  • Operational Impact: The settlement includes Block committing to remedial measures to improve compliance and oversight while continuing operations without interruption.

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