Digital payments company Block Inc. has reached a $40 million settlement with New York regulators over alleged compliance misconducts tied to its Cash App platform, Bloomberg reported on April 10. Block was fined by the New York Department of Financial Services (NYDFS) following an investigation into Cash App’s Anti-Money Laundering (AML) and

Block agreed to pay $40 million to the NYDFS for alleged anti-money-laundering inadequacies and cryptocurrency compliance failures on its Cash App platform.

Announcing the fine on Thursday, New York's Department of Financial Services faulted "critical gaps" in the Bank Secrecy Act.