Block has agreed in principle to pay $764 million to the U.S. Justice Department to resolve an investigation into its anti-money-laundering controls, more than the $566 million profit it reported for the third quarter. The agreement, reached in October and disclosed on November 3, would defer for three years a criminal charge related to failures under the Bank Secrecy Act. The gross amount of $964 million is reduced to $764 million through credits for earlier regulatory settlements, while Block continues to dispute the government’s assessment methodology. During the quarter, gross profit rose 22% to $3.24 billion, but bitcoin profit fell 50% to $52 million following fee cuts on certain Cash App transactions.
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