Block Discloses Proposed $764M DOJ Payment in Anti-Money-Laundering Resolution

TL;DR: Block, the payments company behind Cash App and Square, says it reached an agreement in principle with the US Department of Justice over an anti-money-laundering programme allegation. Its November 3 filing outlines approximately $964 million in gross monetary terms and a potential $764 million net payment after credits, but the resolution still requires a final agreement and court approval. Crypto investors often think of compliance risk in terms of exchanges. A new filing from Block is a reminder that the same financial-crime obligations also shape mainstream payment apps that let customers use bitcoin alongside ordinary money transfers. In its third-quarter Form 10-Q filed November 3, Block said it reached an agreement in principle during October with the US Department of Justice. The contemplated deferred prosecution agreement would address an allegation that the company failed to maintain an effective anti-money-laundering programme under the Bank Secrecy Act. What the proposed agreement actually says The filing describes a gross monetary component of roughly $964 million. Credits related to earlier regulatory resolutions would reduce the expected net payment to approxim...