Compliance failures

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The New York State Department of Financial Services found that Block’s AML program failed to adapt to the company’s rapid growth and increasing complexity, exposing it to substantial risks and regulatory violations.

Block had over 169,000 suspicious activity alerts by 2020, with SARs delayed an average of 129 days. The delays weakened oversight of suspicious transactions and contributed to compliance vulnerabilities

The Department of Financial Services identified 8,359 accounts tied to a Russian criminal network, after finding that bad actors exploited Block’s weak Know Your Customer protocols in 2022

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