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New York State’s Department of Financial Services (DFS) announced on April 10 that Block Inc. will pay a $40 million fine and hire an independent monitor, following findings of significant violations in the company’s anti-money laundering and virtual currency compliance systems related to its Cash App platform. The DFS found that Block’s rapid growth exceeded its capacity to establish adequate oversight, heightening the risk of illicit financial activity. The regulator said the company’s failures violated New York regulations for financial institutions and virtual currency firms. It cited weak internal controls over fiat and bitcoin transactions, including lapses in customer due diligence, sanctions screening, and monitoring for suspicious activity. By 2020, Block had accumulated a backlog of more than 169,000 unreviewed transaction alerts. Superintendent Adrienne A. Harris stressed: All financial institutions, whether traditional financial services companies or emerging cryptocurrency platforms, must adhere to rigorous standards that protect consumers and the integrity of the financial system. “Compliance functions must keep pace with company growth or expansion. The rapid growth of Block’s Cash App absent a robust compliance function created risk and vulnerabilities that violated the rules financial services companies operating in New York must adhere to. The Department is taking decisive steps to ensure accountability, including the appointment of an independent monitor to oversee corrective measures,” she continued. In Block’s consent order, DFS provided further violation details, including the company’s failure to screen transactions with potential links to terrorism until a recipient wallet’s exposure exceeded 10%, and its inadequate treatment of anonymizing services like mixers. The DFS claimed: The AML program run by Block … failed to adequately consider the substantial risks posed to an entity of its new size and complexity. The order also revealed that between 2018 and 2021: “Block had accumulated a transaction monitoring backlog of approximately 18,000 alerts, which grew to over 169,000 by 2020.” DFS added that “between February 2021 and September 2022 … SARs, for both bitcoin and fiat transactions, were at times filed over a year after the alerts were first generated.” Block’s risk rating for transactions involving mixers was also cited, as DFS noted that despite guidance: “Block risk rated transactions identified as having exposure to mixers as ‘medium’ risk, rather than the ‘high’ risk rating that is appropriate.” 免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。

Block, Inc., the financial services company led by Jack Dorsey, will pay a $40 million penalty to the New York Department of Financial Services (NYDFS) over failures in its anti-money laundering and virtual currency compliance program, regulators announced Thursday. The settlement follows an NYDFS investigation that found Block’s Cash App platform had critical deficiencies in customer due diligence, risk-based controls, and transaction monitoring. These gaps, regulators said, left the platform vulnerable to criminal exploitation, particularly through largely anonymous Bitcoin ( BTC ) transactions that evaded proper scrutiny. “Compliance functions must keep pace with company growth or expansion,” NYDFS Superintendent Adrienne A. Harris said. “The rapid growth of Block’s Cash App absent a robust compliance function created risk and vulnerabilities that violated the rules financial services companies operating in New York must adhere to.” In addition to the fine, Block will be required to retain an independent monitor to oversee improvements to its compliance systems and ensure alignment with state regulatory standards. The company has been licensed to conduct money transmission in New York since 2013 and has held a virtual currency license under the state’s BitLicense regime since 2018. The enforcement action comes just months after Block paid $80 million to 48 state financial regulators over separate AML violations. According to the NYDFS, its latest probe revealed a backlog of unresolved transaction alerts between 2019 and 2020, which increased the risk of illicit financial activity on the platform. Block cooperated with the NYDFS throughout the investigation and has already begun investing in compliance remediation. The regulator’s consent order emphasizes that all financial institutions — crypto platforms included — must maintain effective controls to protect the integrity of the financial system.

San's Nightmare Begins He logged into the exchange. ❌ App froze ❌ Withdrawals disabled ❌ Security review ❌ Support? Ghosted. The CEX was protecting itself — not his funds.

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