Odaily News Jack Dorsey's payment company Block, Inc. has reached a $40 million settlement with New York State's financial regulator for anti-money laundering vulnerabilities. The consent order issued by the New York State Department of Financial Services on Thursday stated that the investigation found that the financial technology company formerly known as Square "failed to fully consider the significant risks posed by the scale and complexity of its business" when providing Bitcoin services through Cash App. Regulators specifically pointed out that Block had three major vulnerabilities: a lack of risk-based anti-money laundering controls, insufficient customer due diligence, and lax handling of high-risk Bitcoin transactions, which resulted in a large number of anonymous transactions not being reviewed. (The Block)