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LATEST: Jack Dorsey’s Block hit with $80M penalty for loose AML controls in Cash App

Jack Dorsey speaks during an interview November 19, 2015. REUTERS/Lucas Jackson/Files

By Pete Schroeder

BLOCK, the U.S. financial services company founded and led by Jack Dorsey, has agreed to pay a fine of $80 million to a group of 48 state financial regulators.

The move came after the agencies determined the company had insufficient policies for policing money laundering through its mobile payment service, Cash App.

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