Block reaches principled agreement with U.S. Department of Justice over anti-money laundering investigation, expected to pay $764 million net.

November 4 - According to Bloomberg, Block disclosed in regulatory filings that the company reached an agreement in principle with the U.S. Department of Justice in October regarding a multi-year anti-money laundering investigation. Under the proposed deferred prosecution agreement, the U.S. Department of Justice will defer prosecution for three years over allegations that Block violated the Bank Secrecy Act and failed to maintain effective anti-money laundering mechanisms. The agreement still requires court approval.

Regulatory filings show that the total amount involved in the agreement is expected to be approximately $964 million, and Block expects to pay approximately $764 million net. The company has increased its provision for this matter from $526 million at the end of June to $764 million at the end of September.