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Block reaches three-year deferred prosecution deal with DOJ over anti-money laundering lapses

Block has reached a three-year deferred prosecution agreement with the U.S. Department of Justice to resolve a probe into its anti-money laundering controls, involving a penalty of roughly $964 million.

Block corporate logo featuring an iridescent geometric cube above the company name.
Image: @StockMKTNewz

Financial technology company Block has reached a three-year deferred prosecution agreement in principle with the U.S. Department of Justice to resolve an investigation into anti-money laundering lapses, according to reports from Crypto Briefing and Bloomberg. The arrangement defers for three years a formal charge alleging that the company's anti-money laundering program fell short.[1][2][3]

The settlement totals approximately $964 million before credits, with Block expecting to pay roughly $764 million net to settle the probe, according to Bloomberg reporting shared by financial news account StockMKTNewz. Block had previously elevated its financial reserves set aside for the inquiry, increasing the allocation to $764 million by the end of September from $526 million in June. The final agreement still requires court approval.[2][3]

Key facts

  • Block reached a three-year deferred prosecution agreement in principle with the U.S. Department of Justice over anti-money laundering lapses.
  • The settlement totals approximately $964 million before credits, or about $764 million net.
  • Block raised its reserve for the Justice Department probe to $764 million at the end of September, up from $526 million in June.
  • The proposed deal remains subject to court approval.

Sources 路 3 sources

  1. CB

    Crypto BriefingArticle 路

    Block reaches three-year deferred prosecution agreement with DOJ over money laundering charge Block's DPA with the DOJ highlights the critical need for fintechs to prioritize compliance, as regulatory scrutiny intensifies industry-wide. The post Block reaches three-year deferred prosecution agreement with DOJ over money laundering charge appeared first on Crypto Briefing .

    Open source
  2. TW

    The Wolf Of All Streets@scottmelkerPost on X 路

    馃嚭馃嚫 BLOCK $XYZ REACHES A DEAL IN PRINCIPLE WITH THE DOJ FOR A ~$964M PENALTY OVER MONEY LAUNDERING LAPSES, DEFERRING A CHARGE FOR 3 YEARS

    Open source
  3. EV

    Evan@StockMKTNewzPost on X 路

    BLOCK $XYZ EXPECTS TO PAY ABOUT $764M TO SETTLE A JUSTICE DEPARTMENT MONEY-LAUNDERING PROBE The deal would delay a charge that Block's anti-money laundering program fell short, for 3 years, per Bloomberg The settlement totals about $964M before credits, or about $764M net. Block raised its reserve for the probe to $764M at the end of September, up from $526M in June. The deal still needs court approval.

    Open source