Block Inc has agreed to pay a fine of $80 million to a group of 48 state financial regulators after the agencies determined the company had insufficient policies for policing money laundering through its mobile payment service,

Block (NYSE:SQ) has agreed to an $80M settlement with 48 state financial regulators who found that one the company's payment ecosystems, Cash App, lacked adequate anti-money laundering measures, according to a statement issued on Wednesday.

Block, Inc has agreed to pay a fine of $80 million to a group of 48 state financial regulators for violations of anti-money laundering laws through its mobile payment service, Cash App. The multi-statement settlement would also see the fintech firm bring in an independent consultant to review its Bank Secrecy Act and anti-money laundering program,