Jack Dorsey's Blockchain reaches $40 million settlement with New York regulators over anti-money laundering violations

Odaily Planet News: Jack Dorsey's payment company Block, Inc. has reached a $40 million settlement with the New York State financial regulatory agency due to anti-money laundering loopholes. The consent order released by the New York State Department of Financial Services on Thursday indicated that the investigation found that the financial technology company, formerly known as Square, failed to "fully consider the significant risks brought by its business scale and complexity" when providing Bitcoin services through Cash App. The regulatory agency specifically pointed out three major vulnerabilities in Block: lack of risk-based anti-money laundering control measures, insufficient customer due diligence, and lenient handling of high-risk Bitcoin transactions that led to numerous anonymous transactions going unexamined. (The Block)