According to The Block, Jack Dorsey’s payments company Block, Inc. reached a $40 million settlement with New York State financial regulators due to anti-money laundering loopholes. The New York State Financial Services Bureau issued a consent order on Thursday pointed out that the investigation found that the former Square fintech company "failed to fully consider the significant risks posed by its business size and complexity" when it provided Bitcoin services through the Cash App. Regulators specifically pointed out that Block has three major loopholes: the lack of risk-based anti-money laundering control measures, insufficient customer due diligence, and the loose handling of high-risk Bitcoin transactions has resulted in a large number of anonymous transactions not being censored. This is the second time Block has paid settlements this year due to anti-money laundering issues. In January, the company paid $80 million to financial regulators in 48 states. A Block spokesman said the settlement marked that it had resolved all matters related to state-level remittance licences and stressed that although the company did not acknowledge the findings, it had invested a lot of resources to improve the compliance system of the Cash App. According to the agreement, Block must hire an independent supervisor to implement rectification.