Prairie State Wire

Illinois, along with 47 other state financial regulatory agencies, has initiated an enforcement action against Block, Inc. The company is accused of violating the Bank Secrecy Act (BSA) and anti-money laundering (AML) laws. These regulations are designed to protect the financial system from illegal activities.

Block's mobile payment service, Cash App, is widely used by over 50 million consumers in the United States for various financial transactions.

Mario Treto, Jr., Secretary of the Illinois Department of Financial and Professional Regulation (IDFPR), emphasized the department's dedication to maintaining the integrity of the financial services industry. "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," he stated. He further assured that "The Department will continue to take action, including collaborating with fellow regulators, to ensure compliance with all applicable laws."