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News  Massachusetts Division of Banks joins State Regulators in Issuing $80 Million Penalty to Block, Inc., Cash App for BSA/AML Violations

More than 50 million consumers use Cash App, Block’s mobile payment service, to spend, send, store, and invest money.
1/15/2025
  • Division of Banks
  • Office of Consumer Affairs and Business Regulation

In a coordinated enforcement action by 48 state financial regulators, Block, Inc. will pay an $80 million fine and undertake corrective action for violations of the Bank Secrecy Act (BSA) and anti-money laundering (AML) laws that safeguard the financial system from illicit use. 

More information can be found in the Conference of State Bank Supervisors press release.
 

  • Division of Banks 

    The Division of Banks (DOB) is the chartering authority and primary regulator for financial service providers in Massachusetts. DOB's primary mission is to ensure a sound, competitive, and accessible financial services environment throughout the Commonwealth.

  • Office of Consumer Affairs and Business Regulation 

    The Office of Consumer Affairs and Business Regulation protects and empowers consumers through advocacy and education, and ensures a fair playing field for the Massachusetts businesses its agencies regulate.

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