The company behind Cash App is set to pay $764 million to end a federal investigation into its anti-money laundering program.

Jack Dorsey’s Block disclosed the deal in its latest quarterly filing with the Securities and Exchange Commission (SEC).

Block says it reached an agreement in principle with the Department of Justice (DOJ) in October to settle the matter through a deferred prosecution agreement.

Under the deal, the DOJ will put off for three years a charge that Block failed to maintain an effective anti-money laundering program in violation of the Bank Secrecy Act.

If Block meets the terms during that time, the DOJ will move to dismiss the charge.

The agreement is expected to carry a gross penalty of about $964 million, which drops to about $764 million after credit for earlier regulatory settlements.

The deal still needs a final agreement and court approval. Block had already set aside the full $764 million as of September 30th.

The payment is larger than the $565 million in net income Block reported for the third quarter.

The DOJ and SEC began looking into Block shortly after short seller Hindenburg Research published a report in March of 2023.

Hindenburg alleged that Cash App inflated its user numbers by counting duplicate and fake accounts and that weak identity checks let criminals use the app, reports Yahoo Finance. Block disputed the findings.

The SEC closed its own investigation in March of this year without recommending enforcement action.

Block posted $3.2 billion in gross profit for the quarter. Cash App gross profit rose 27% to $2.07 billion, while Square gross profit rose 14% to $1.16 billion.

Gross profit from Block’s Bitcoin business fell 50% to $52 million after the company cut fees on some Bitcoin transactions on Cash App, Yahoo Finance reports.

Block paid $40 million to New York’s financial regulator in April of 2025 over alleged anti-money laundering lapses at Cash App.

Block runs the Cash App payment app and the Square platform for merchants.

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The post Jack Dorsey’s Block To Pay $764,000,000 To Resolve DOJ Anti-Money Laundering Probe appeared first on The Daily Hodl.

Federal prosecutors have secured a guilty plea from a Boston man accused of using fake identification to drain hundreds of thousands of dollars from customer accounts.

William Shaw, 68, admitted to four counts of bank fraud and four counts of aggravated identity theft in federal court, says the U.S. Attorney’s Office for the District of Massachusetts.

The defendant posed as at least 13 account holders from late 2022 into early 2025 by presenting forged driver’s licenses that carried the victims’ details alongside his own photograph.

He also submitted withdrawal forms listing the customers’ names and account numbers to obtain cashier’s checks and cash totaling more than $900,000.

Judge Julia E. Kobick set sentencing for January 6th, 2027, after Shaw was charged in January 2026.

Separately, authorities charged six additional men in July 2025 as part of a larger multi-state bank fraud investigation covering Massachusetts, Connecticut and Rhode Island.

Three of those defendants have already entered guilty pleas and await sentencing, while another received a sentence in a connected case.

A bank fraud conviction carries up to 30 years in prison along with fines reaching $1 million or twice the amount gained or lost.

Each aggravated identity theft count requires at least two years in prison served consecutively to any other term.

Assistant U.S. Attorney Kristen Kearney is handling the prosecution.

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The post Massachusetts Man Pleads Guilty to $900,000 Bank Fraud Using Fake IDs appeared first on The Daily Hodl.