Payments company Block to pay $40 million fine in New York over compliance failures

NEW YORK, April 10 (Reuters) - Block XYZ.N will pay a $40 million fine to settle accusations the payments company had significant failures in its anti-money laundering compliance program and virtual currency compliance failures on its Cash App platform, New York's financial services regulator said on Thursday.

Adrienne Harris, New York's superintendent of financial servicers, said Block will also hire an independent monitor to oversee compliance improvements.