Block to pay $964M in DOJ settlement over anti-money laundering failings

Payments Dive reports that Block has reached a $964 million settlement with the US Department of Justice. Of this, $764 million addresses charges that its anti-money laundering programme was ineffective, according to the source.

This case shows the financial and reputational risks for technology firms in regulated sectors when compliance controls do not meet expectations. Senior executives in banking, payments and fintech should review their own anti-money laundering measures and prepare for possible scrutiny from regulators.