{"id":15079,"date":"2025-02-26T11:32:31","date_gmt":"2025-02-26T11:32:31","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=15079"},"modified":"2025-02-26T11:32:31","modified_gmt":"2025-02-26T11:32:31","slug":"block-inc-in-talks-with-new-york-regulators-to-settle-charges-over-aml-compliance","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=15079","title":{"rendered":"Block Inc In Talks With New York Regulators To Settle Charges Over AML Compliance"},"content":{"rendered":"<div>\n<p><span data-preserver-spaces=\"true\">Block Inc, the payments company led by Jack Dorsey, is <\/span><span data-preserver-spaces=\"true\">in negotiations<\/span><span data-preserver-spaces=\"true\"> with New York state regulators to resolve allegations related to its Anti-Money Laundering (AML) and Bitcoin programs. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to a 24 February 2025 filing with the US Securities and Exchange Commission (SEC),<\/span><span data-preserver-spaces=\"true\">\u00a0Block <a href=\"https:\/\/www.sec.gov\/ix?doc=\/Archives\/edgar\/data\/0001512673\/000162828025007376\/sq-20241231.htm\" target=\"_blank\" rel=\"nofollow\">stated it is engaged<\/a> in \u201ccontinuing negotiations\u201d with the New York State Department of Financial Services (NYDFS). This is regarding the issues surrounding compliance with the Bank Secrecy Act (BSA) and its broader AML and Bitcoin programs. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe company is engaging in conversations with NYDFS to determine whether this matter can be settled on acceptable terms,\u201d the filing noted.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">EXPLORE:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/new-cryptocurrency\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Best New Cryptocurrencies to Invest in 2025<\/span><\/a><\/strong><\/p>\n<h2><span data-preserver-spaces=\"true\">Block Confirms NYDFS Proposed Settlement Terms In January<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Block acknowledged that in January, the NYDFS proposed potential settlement terms. However, details of the settlement were not disclosed. Block said it has set aside a liability for the matter but does not consider it materially significant to its 2024 financial outlook.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The company has faced heightened regulatory scrutiny over the past few years. Between January 2021 and March 2023, Block underwent an investigation by money transmission regulators across multiple US states. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">That examination reportedly uncovered deficiencies in the company\u2019s AML compliance, particularly regarding adherence to the BSA.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Jack Dorsey\u2019s Block looks to settle with New York on money laundering claims<\/p>\n<p>\u201cThe company is engaging in conversations with NYDFS to determine whether this matter can be settled on acceptable terms,\u201d Block Inc. said in a regulatory filing. <a href=\"https:\/\/t.co\/kh7MrJraMC\" target=\"_blank\" rel=\"nofollow\">pic.twitter.com\/kh7MrJraMC<\/a><\/p>\n<p>\u2014 GasFees.org | Blockchain Gas Fee Tracker (@gasfeesorg) <a href=\"https:\/\/twitter.com\/gasfeesorg\/status\/1894640129882435645?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">February 26, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">In January 2024, Block reached a settlement agreement with several state money transmission regulators. However, New York was notably not part of that deal. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Without admitting or denying wrongdoing, Block agreed to pay $80 million in penalties, with payments scheduled through February 2025. As part of the settlement, the company <\/span><span data-preserver-spaces=\"true\">is required to<\/span><span data-preserver-spaces=\"true\"> appoint an independent consultant to assess and improve its AML program. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Additionally, a Compliance Management Committee has been formed to oversee the implementation of corrective actions.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">EXPLORE:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/analysis\/crypto-forecast-best-crypto\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">10 Coins with High Returns: Crypto Forecast 2025<\/span><\/a><\/strong><\/p>\n<h2><span data-preserver-spaces=\"true\">Block Deals with More Regulatory Hurdles<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Beyond the AML-related concerns, Block has been dealing with other regulatory matters. In January, the Consumer Financial Protection Bureau (CFPB) investigated Cash App, Block\u2019s popular payment platform, over its handling of customer complaints and dispute resolutions. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">That inquiry led to a $55 million civil penalty and an agreement to pay between $75 million and $120 million in restitution to affected customers.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Separately, Block is facing a tax dispute with the San Francisco Treasurer and Tax Collector, which audited the company\u2019s 2020\u20132022 tax filings. The audit concluded that additional taxes were owed related to Bitcoin-related revenue.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As reported, Jack\u00a0Dorsey\u2019s\u00a0payment firm Block (SQ)\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/news\/jack-dorseys-block-shifts-focus-to-bitcoin-mining-and-self-custody-wallet-abandons-web5\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">has announced<\/span><\/a><span data-preserver-spaces=\"true\"> a shift in focus, prioritizing\u00a0<\/span><span data-preserver-spaces=\"true\">the development of equipment<\/span><span data-preserver-spaces=\"true\"> for Bitcoin miners and its self-custody crypto wallet.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">EXPLORE:\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/best-ai-crypto-coins\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">10 Best AI Crypto Coins to Invest in 2025<\/span><\/a><\/strong><\/p>\n<div class=\"nnbtc-key-takeaways\">\n<h3 class=\"nnbtc-key-takeaways__title\">Key Takeaways<\/h3>\n<ul class=\"nnbtc-key-takeaways__list\">\n<li class=\"nnbtc-key-takeaways__list-item\">\n        <span data-preserver-spaces=\"true\">Block Inc. is negotiating with New York regulators to settle allegations over its AML and Bitcoin compliance programs.<\/span>    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        <span data-preserver-spaces=\"true\">The company faces multiple regulatory challenges, including an $80 million settlement with state regulators.<\/span>    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        <span data-preserver-spaces=\"true\">Block has set aside a liability for the NYDFS matter but considers it immaterial to its 2024 financial outlook.<\/span>    <\/li>\n<\/ul><\/div>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/block-inc-in-talks-with-new-york-regulators-to-settle-charges-over-aml-compliance\/\">Block Inc In Talks With New York Regulators To Settle Charges Over AML Compliance<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Block Inc, the payments company led by Jack Dorsey, is in negotiations with New York state regulators to resolve allegations related to its Anti-Money Laundering (AML) and Bitcoin programs. According to a 24 February 2025 filing with the US Securities and Exchange Commission (SEC),\u00a0Block stated it is engaged in \u201ccontinuing negotiations\u201d with the New York [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-15079","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/15079","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15079"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/15079\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15079"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15079"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15079"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}