05:21 PM EST, 01/15/2025 (MT Newswires) -- Block (SQ) will pay an $80 million fine and undertake corrective action for violations of the Bank Secrecy Act and anti-money laundering laws that safeguard the financial system from illicit use, according to a press statement from the Conference of State Bank Supervisors.

The decision follows coordinated enforcement action by 48 state financial regulators, the press statement said on Wednesday.

"Block agreed to pay the assessed penalty to the state agencies, hire an independent consultant to review the comprehensiveness and effectiveness of its BSA/AML program, and submit a report to the states within nine months," the press statement said. "Block then will have 12 months to correct any deficiencies found in the review after the report is filed."

Block did not immediately respond to a request for comment from MTNewswires.

Shares of Block closed 2.9% higher on Wednesday and were up slightly in after-hours activity.