CRIME & COURTS

S.C. Attorney General Joins $80 Million Enforcement Action

South Carolina joins 47 other state financial regulatory agencies in action against Block…

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South Carolina attorney general Alan Wilson announced this week that his office – along with 47 other state financial regulatory agencies – have initiated coordinated action against Block, Inc. for alleged violations of the Bank Secrecy Act (BSA) and anti-money laundering laws safeguarding our financial system from illicit use.

According to a release from Wilson’s office, more than 50 million American consumers use Block’s mobile payment service – known as Cash App – to spend, send, store and invest money.

Last week, in a signed multi-state settlement, Block agreed to pay $80 million to state agencies and hire an independent consultant to review the comprehensiveness and effectiveness of its bank secrecy/anti-money laundering program – which rules that “financial services firms are required to perform due diligence on customers, including verifying customer identities, reporting suspicious activity and applying appropriate controls for high-risk accounts.”

State regulators found Block was not in compliance with these laws. They further noted that within nine months of the settlement, the independent consultant will submit its report to the states – at which point Block will have twelve months to correct any deficiencies identified during the review.

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“Through a strong, nationwide regulatory framework, state financial regulators license and serve as the primary supervisor of more than 700 money transmitters,” Wilson’s release stated. “To protect consumers and enforce safety and soundness requirements, state regulators regularly coordinate supervision of multi-state firms and, when necessary, initiate enforcement actions.”

So far, Block has cooperated with state regulators in Arkansas, California, Massachusetts, Florida, Maine, Texas and Washington State during the multi-state enforcement effort – which supports consistency and collaboration while preserving the authority of individual states to take direct action.

The release states that consumers can visit NMLS Consumer Access to verify that a company is licensed to do business in South Carolina.

The money services division of Wilson’s office can be reached by calling 803-734-1221 or emailing msb@scag.gov. Consumers can learn more about the division by visiting its page on the attorney general’s website. To submit a compliant to the division, click here.

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ABOUT THE AUTHOR …

Erin Parrott (Provided)

Erin Parrott is a Greenville, S.C. native who graduated from J. L. Mann High School in 2021. She is currently a senior at the University of South Carolina majoring in broadcast journalism. Got feedback or a tip for Erin? Email her here.

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3 comments

Seriously? January 22, 2025 at 11:18 am

Is this somehow supposed to be a good thing?

Reply
Nanker Phelge January 22, 2025 at 4:39 pm

Why doesn’t he join the 22 states suing to retain the constitutional right to birthright citizenship?

I guess when you are a lackey for a convicted felon who pardoned other convicted felons you pick and choose what laws you want to enforce and take a steaming crap on the constitution.

Reply
AC Top fan January 23, 2025 at 6:34 am

Nanker, please show me where in the Constitution there is right to birthright citizenship? The intent of birthright citizenship was to ensure that freed slaves were citizens. It wasn’t intended for birth tourism and illegals who have children here. The issue will, hopefully, be settled now that Trump (as you say convicted felon who joined the likes of Jesus, Ghandi , Dr. King and other great leaders as a convicted felon) has started the ball rolling. His action and the ensuing lawsuits will force the Supreme Court to finally make a ruling

Reply

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