BISMARCK, N.D. – North Dakota joins 48 states in a settlement with the owner of payment service Cash App.
The North Dakota Department of Financial Institutions joined a settlement with Block Inc. alongside the financial regulatory bodies of dozens of other states.
Block agrees to pay $80 million for violating anti-money laundering laws and the Bank Secrecy Act. The company was reportedly not in compliance with multiple rules aimed at preventing financial institutions from helping facilitate illegal activity.
Block will be required to hire a consultant to investigate its policies and make any recommended changes.
