Cash App owner Block reaches in-principle DOJ deal over anti-money-laundering lapses
Block, the Jack Dorsey-led company behind Cash App, has agreed in principle to resolve a US Justice Department investigation into its anti-money-laundering controls. The deal carries a gross cost of about $964 million, or roughly $764 million net after credits for earlier regulatory settlements, and would defer prosecution for three years; it is not yet final. Block disclosed it alongside third-quarter results, which also showed bitcoin-related gross profit down about 50%, largely because of Cash App fee cuts.