Block Books $764 Million for Planned DOJ Deal That Would Defer a Bank Secrecy Act Charge
By Unchained
AI summary of the source article
Block has accrued $764 million for a planned three-year deferred prosecution agreement with the DOJ over Bank Secrecy Act anti-money laundering violations. The proposed settlement stems from a probe into Cash App and Square that began in 2023.
Key facts
- Block booked $764 million net against a planned DOJ deferred prosecution agreement over Bank Secrecy Act anti-money laundering failures.
- The agreement in principle covers a gross monetary component of about $964 million, reduced by credits for prior regulatory resolutions.
- Under the proposed three-year deal, full compliance would lead the DOJ to dismiss the charge with prejudice, though a final deal is not yet signed or court-approved.
Source excerpt · Unchained
Final terms and court approval are still pending. Block's bitcoin business, meanwhile, kept about 2.9 cents of gross profit per dollar of revenue in the third quarter, down from 5.1 cents a year earlier. The post Block Books $764 Million for Planned DOJ Deal That Would Defer a Bank Secrecy Act Charge appeared first on Unchained .