CRANSTON, R.I. (WLNE) — The Rhode Island Department of Business Regulation and 47 other state agencies are set to receive their part of an $80 million fine agreed to by Block, Inc., operator of Cash App. The fine was agreed to by Block, Inc. after the 48 states took coordinated action against the company for alleged violations of the Bank Secrecy Act (BSA) and anti-money laundering laws. The BSA is meant to safeguard financial systems from illicit use. Rhode Island will receive $1.6 million under the settlement agreement, according to the Rhode Island Department of Business Regulation. According to a statement from the Rhode Island Department of Business Regulation: State regulators found Block, Inc. was not in compliance with certain requirements, creating the potential that its services could be used to support money laundering, terrorism financing, or other illegal activities. Categories: News, Rhode Island