Block reaches agreement in principle with U.S. Department of Justice over anti-money laundering investigation, exp

Block disclosed in an SEC filing that it reached an agreement in principle with the U.S. Department of Justice in October to resolve an anti-money-laundering investigation through a deferred prosecution agreement. Under the proposed arrangement, the DOJ would defer prosecution for three years over allegations that Block failed to maintain an effective AML program under the Bank Secrecy Act, and would seek to permanently dismiss the charges if Block meets its obligations. The deal involves roughly $964 million in total, with about $764 million payable after crediting prior regulatory settlements; Block had already accrued $764 million as of September 30. The arrangement still requires a final agreement and court approval. The resolution removes a major legal overhang for the Jack Dorsey-led fintech, and investors will watch whether the final terms and court approval proceed as disclosed.