Block, Inc. Agreed to a settlement of 40 million USD with the New York Department of Financial Services (NYDFS) due to deficiencies in its anti-money laundering compliance. These shortcomings were particularly evident in its customer due diligence practices.
Following the settlement, an independent monitor will oversee Block’s compliance improvements. The NYDFS highlighted concerns regarding the potential for anonymous Bitcoin transactions on Block’s platform that could be exploited for illicit activities.
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