Block Inc. dem don fine am $40 Million for Bitcoin compliance wey dem no follow through Cash App

Block Inc., wey Jack Dorsey help found, dey face $40 million fine from NYDFS because dem no properly oversee Bitcoin transactions through Cash App. The fine dey show say dem no follow rules for peer-to-peer money transfers wey start for 2018. The anti-money laundering (AML) program no dey strong enough for 2019 and 2020 because the service dey grow fast, wey cause transaction alert to dey backlog and anonymous transactions wey get high risk. As part of the settlement, Block suppose appoint independent monitor to make sure say dem dey follow rules, wey dey show say strong systems dey important for fintech environments wey dey move fast. NYDFS’s Adrienne Harris talk say this one dey serve as warning for companies to scale up compliance systems as dem dey grow so dem fit reduce risk.