NE NDBF Joins National Lawsuit Against Cash App Parent

Nebraska's banking department is part of an 80-million-dollar settlement with Cash App's parent company for violating anti-money laundering laws. The Nebraska Department of Banking and Finance joined 47 state financial regulation agencies to violate Block Inc. The agencies say the company didn't perform due diligence by verifying customer identities or reporting suspicious activity on Cash App, its mobile banking platform. Block also agreed to hire an independent consultant to review its compliance with banking laws, and report back to the state within a year.