HI Banking Department

DCCA Joins $80M Multistate Settlement With Block Inc for BSA/AML Violations

The Hawaii Department of Commerce and Consumer Affairs joined 47 state regulators in an $80 million multistate settlement with Block, Inc., the parent company of Cash App, for violations of Bank Secrecy Act and anti-money laundering laws. Block agreed to pay the penalty, hire an independent consultant to review its BSA/AML program, and submit a report to states within nine months, followed by 12 months to correct any deficiencies. The enforcement action addresses failures in customer due diligence, suspicious activity reporting, and high-risk account controls.