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Mario Treto, Jr., Secretary

Illinois Joins $80 Million Enforcement Action Against Block, Inc., Cash App for BSA/AML Violations

News Release – Thursday, January 16, 2025

CHICAGO –  Illinois and 47 state financial regulatory agencies have taken coordinated action against Block, Inc., for violations of Bank Secrecy Act (BSA) and anti-money laundering (AML) laws that safeguard the financial system from illicit use. 

More than 50 million consumers in the United States use Cash App, Block’s mobile payment service, to spend, send, store, and invest money.

“This enforcement action demonstrates the Illinois Department of Financial and Professional Regulation’s (IDFPR) continued commitment to ensuring the integrity of the financial services industry and protecting consumers,” said IDFPR Secretary Mario Treto, Jr. “The Department will continue to take action, including collaborating with fellow regulators, to ensure compliance with all applicable laws.”

To view the entire press release please click here.

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