The Wisconsin Department of Financial Institutions and other state regulatory agencies across the country are accusing the company behind Cash App of violating banking rules.
Wisconsin DFI officials are involved in an effort to investigate Block, Inc. to determine whether the firm has kept up with all anti-money laundering regulations. Block is paying out an 80-million-dollar penalty under a multi-state settlement and they are agreeing to hire a consultant to generate and submit a report on Cash App usage. Banks and financial companies are required by law to verify the identities of users and to report suspicious transactions.
State regulators believe Block has not complied with all of those rules.
