The New York State Department of Financial Services identified critical lapses in anti-money laundering procedures, consumer protection compliance, and oversight of high-risk Bitcoin transactions within Cash App operations

Quotes that support claims

the settlement addresses critical lapses in anti-money laundering (AML), cybersecurity, and consumer protection practices that exposed Block to potential criminal exploitation

The New York Department of Financial Services determined that Cash App was in violation of consumer protection laws and failed to monitor “high-risk” BTC transactions