Block reaches agreement in principle with the U.S. Department of Justice on a deal totaling $964M

AI-assisted source summary · not independently verified. Content standards

Block said it has reached an agreement in principle with the U.S. Department of Justice on a deal totaling $964M, under which it will pay $764 million to resolve allegations that its anti-money laundering program was ineffective and that it violated the Bank Secrecy Act. If Block meets the terms of the agreement, the DOJ will defer the relevant charges for three years and may dismiss them; Block will also receive a $200 million credit for prior regulatory settlements. The company said the agreement has not been finalized and that the ultimate loss could exceed the $764 million already accrued.