Nebraska part of $80 million Cash App settlement

LINCOLN, Neb. (KLKN) — Nebraska announced Wednesday that it is part of an $80 million settlement with financial services company Block.

Block, which owns Cash App, is being fined for violations of the Bank Secrecy Act and anti-money laundering laws.

More than 50 million Americans use Cash App, according to the Nebraska Department of Banking and Finance.

Regulators found that Block was not complying with requirements intended to prevent its services from being used for money laundering, financing terrorism or other illegal activities.

Under the settlement, Block will hire an independent consultant to review its compliance program and will then have a year to fix any problems.

SEE ALSO: Nebraska joins $17 million settlement with Edward Jones

“This is another example of our staff’s work with multi-state coalitions to protect Nebraskans and maintain confidence in the financial services industry,” Nebraska Banking Director Kelly Lammers said in a press release. “In just the last few weeks, the Department has participated in three multi-state settlements that have returned more than $1.5 million to Nebraska and ensured our regulated financial institutions are complying with Nebraska law.”

It’s not clear how much money Nebraska will receive from the Block settlement.

Nebraskans with questions can call the Department of Banking and Finance at 402-471-2171 or go to the department’s Contact Us page.