Block Plans $964 Million Payment to Resolve U.S. DOJ Money-Laundering Probe

Block disclosed in a regulatory filing on Tuesday that it had reached an agreement in principle with the U.S. Department of Justice over an investigation into its anti-money-laundering compliance. According to ChainCatcher, citing Bloomberg, the agreement was reached in October and would defer prosecution for three years over allegations that Block failed to maintain an effective anti-money-laundering program and violated the Bank Secrecy Act. The deferred prosecution agreement still requires court approval. The expected total amount is about $964 million, with a net payment of about $764 million. Block had accrued $526 million by the end of June and increased that provision to $764 million by the end of September.