Block Reaches Agreement in Principle with DOJ in $964M Anti-Money Laundering Case
Block reaches $964M DOJ pact
AI-assisted source summary · not independently verified. Content standards
Block disclosed that it has reached an agreement in principle with DOJ to pay $764 million to resolve allegations that its anti-money laundering program was ineffective and violated the U.S. Bank Secrecy Act. If Block fulfills its obligations under the agreement, DOJ will defer prosecution for three years and dismiss the charges once the conditions are met; the agreement will also give Block a $200 million credit for a prior regulatory resolution. Block said the final terms have not yet been determined and that the related losses could exceed the $764 million it has already accrued.
The article breaks down the $764 million payment, the $200 million credit for a prior regulatory resolution, and the three-year compliance obligations, making it easier to understand the agreement amount and execution conditions.
Source:Banking Dive · bankingdive.com