Block Agrees in Principle to Pay $764 Million to Settle DOJ AML Controls Probe
JH Kim
Summary
- Block said it had agreed in principle to pay $764 million to end a U.S. Department of Justice investigation related to its anti-money laundering (AML) control framework.
- Block said it had agreed in principle to a settlement to pay $764 million in connection with the Justice Department investigation.
- Block said the settlement has not yet been finalized and will take effect only after a final agreement is signed and approved by a court.
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Block, led by Jack Dorsey, has agreed in principle to pay $764 million to resolve a U.S. Department of Justice investigation into its anti-money laundering, or AML, controls.
Cointelegraph reported on November 4 that Block had agreed in principle to a settlement requiring the payment in connection with the Justice Department probe.
The investigation centered on issues related to Block's anti-money laundering control framework.
The settlement has not been finalized. It will take effect only after a final agreement is signed and approved by a court.
JH Kim
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