Block to Pay About $964 Million to Settle US DOJ Anti-Money Laundering Probe

November 4 — According to Bloomberg, Jack Dorsey's payments company Block disclosed in a regulatory filing submitted on Tuesday that in October it reached an agreement in principle with the U.S. Department of Justice over the investigation into its anti-money laundering compliance. The DOJ will defer for three years its prosecution of Block on allegations that the company failed to maintain an effective anti-money laundering program, in violation of the Bank Secrecy Act. The deferred prosecution agreement still requires court approval and is expected to total about $964 million, with a net payment of about $764 million. Block had previously accrued $526 million at the end of June and increased the accrual to $764 million at the end of September.