Block Reaches $764 Million DOJ AML Agreement in Principle

Block reached an agreement in principle with the U.S. Department of Justice (DOJ) to pay about $764 million to resolve an investigation into its anti-money laundering program, a sum above its latest quarterly net income. The agreement in principle was reached in October and would take the form of a deferred prosecution agreement. The DOJ would defer for three years a charge alleging Block failed to maintain an effective anti-money laundering program under the Bank Secrecy Act. If Block meets the agreement's terms during that period, the DOJ would move to dismiss the charge.

Also reported by The Defiant.

Source: TokenPost