Block Inc. in Talks with New York Regulators Over AML and Bitcoin Program Issues

Block Inc., the payments company led by Jack Dorsey, is working to resolve regulatory issues with New York authorities concerning its Anti-Money Laundering (AML) efforts and Bitcoin-related programs.

The company disclosed in a recent filing that it is in active talks with the New York State Department of Financial Services (NYDFS) to settle the matter, which involves compliance with the Bank Secrecy Act (BSA) and other regulatory concerns.

These discussions are still ongoing, but Block has not revealed the terms being considered.

This follows a broader series of regulatory challenges for Block, which has faced scrutiny from state regulators over the past few years.

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In particular, the company’s AML practices were found lacking, which led to a settlement earlier this year with several state regulators, excluding New York.

Block agreed to a significant penalty of $80 million, which will be paid by early 2025, and promised to improve its compliance measures under the supervision of an independent consultant.

Alexander Zdravkov