Block plans to pay $764 million to resolve US Department of Justice AML investigation
Block Will Pay $764 Million to Resolve AML Investigation
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Block plans to pay $764 million to resolve a US Department of Justice investigation into its anti-money laundering (AML) controls, and will have a criminal charge deferred for 3 years. The agreement in principle was reached last month; if Block complies with the terms, the Department of Justice will dismiss the case with prejudice. The SEC ended its investigation in March and said it would take no enforcement action.
The proposed settlement amount is higher than Block’s quarterly profit, while the filing also details the arrangements for deferring the criminal charge, closing the SEC case, and addressing deficiencies in AML controls.
Source:PYMNTS · pymnts.com