Block Hit with $40M Fine Amid Ongoing Compliance Failures
The $40 million fine imposed this week on Block and its subsidiary Cash App is just the latest in a series of hefty penalties the company has faced as it grapples with ongoing compliance concerns. In the latest imbroglio, New York’s Department of Financial Services said that Block’s customer due diligence and risk-based controls were […]
New York Residents Could Pay Bills with Crypto, Should Legislation Pass
As digital assets gain wider adoption, a proposed law in New York would allow state agencies to accept cryptocurrency for government-related payments. Assembly Bill A7788 would amend state financial laws to allow agencies to accept Bitcoin, Ether, Litecoin, and Bitcoin Cash. This would enable residents to use these digital assets to pay for fines, taxes, […]
Perpetual Motion: The Case for Continuous KYC
Last October, TD Bank was fined more than $3 billion after pleading guilty to violations of the Bank Secrecy Act and conspiracy to commit money laundering. The unprecedented charges stemmed from the bank’s failure to detect and prevent illicit financial activity. Specifically, it was cited for not implementing robust Know Your Customer (KYC) procedures, neglecting […]