MONTPELIER, Vt. (WCAX) – Vermont regulators announced Thursday they have joined 47 other states in enforcement action against Block Inc. over alleged violations of its Cash App product.
The Vermont Department of Financial Regulation says the company agreed to pay $80 million to settle alleged violations of not complying with certain requirements, including reporting suspicious activity and verifying identities, violations of the Bank Secrecy Act, and anti-money laundering laws.
More than 50 million people in the U.S. use the mobile payment service to spend, send, store, and invest money.