U.S. regulators impose a fine of 80 million dollars on Block and Cash

According to the official announcement, in a coordinated enforcement action by financial regulators in 48 states of the United States, Block, Inc. will pay a fine of $80 million and take corrective measures to rectify violations of the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) laws that protect the financial system from illegal use. It is reported that more than 50 million consumers use Block's mobile payment service Cash App for consumption, remittance, storage and investment. In an interstate settlement agreement signed this week, Block agreed to pay fines to state government agencies, hire independent consultants to review the comprehensiveness and effectiveness of its BSA/AML program, and submit reports to each state within nine months. After submitting the report, Block will have 12 months to correct any deficiencies found in the review.