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Cash App owner Block pays $40 million in settlement over ‘serious compliance deficiencies’

April 10, 2025

New York state’s top financial regulator struck a $40 million settlement Thursday with Block Inc., the parent of Cash App, the popular money transmission service, after having found the company had “serious compliance deficiencies” related to its anti-money laundering program and transaction monitoring processes.

UPDATE: FinCEN Removes Beneficial Ownership Reporting Requirements for U.S. Companies and U.S. Persons, Sets New Deadlines for Foreign Companies

ALERT [Updated March 26, 2025]: All entities created in the United States — including those previously known as “domestic reporting companies” — and their beneficial owners are now exempt from the requirement to report beneficial ownership information to FinCEN. Existing foreign companies that must report their beneficial ownership information have at least an additional 30 days from March 26, 2025—until April 25, 2025, for most companies—to do so.

Important FinCEN Update for Business Owners

FinCEN has announced that no fines, penalties, or enforcement actions will be issued for failing to file or update Beneficial Ownership Information (BOI) reports by the current deadlines…

Compliant Surcharging vs. Dual Pricing: A Guide for Business Owners

This comprehensive guide explores the intricacies of visa-compliant surcharging and dual pricing methods for business owners accepting card payments. We’ll delve into the key differences, benefits, and drawbacks of each approach, helping you make an informed decision for your business…

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