According to the Conference of State Bank Supervisors (CSBS), financial regulators from 48 U.S. states have jointly enforced a $80 million fine against Block, Inc. for its mobile payment service Cash App for violating the Bank Secrecy Act (BSA) and anti-money laundering (AML) regulations. Under a settlement agreement reached among multiple states, Block will pay the fine, hire an independent consultant to review the comprehensiveness and effectiveness of its BSA/AML compliance program, and must submit a report within 9 months. Subsequently, the company must correct any identified deficiencies within 12 months. Regulators noted that Block was not fully compliant with key requirements such as customer due diligence and high-risk account management, which could lead to its services being used for money laundering, financing terrorism, or other illegal activities.