According to the Conference of State Bank Supervisors (CSBS), financial regulators from 48 states in the United States jointly enforced a fine of $80 million against Block, Inc.'s mobile payment service Cash App for violating the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) regulations. Under a multi-state settlement agreement, 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 deficiencies identified 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.