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New York Regulator Imposes $40 Million Fine on Block for Anti-Money Laundering Violations
Block, the company behind Cash App, has been fined $40 million by the New York State Department of Financial Services (DFS) for serious failures in anti-money laundering (AML) and virtual currency compliance. An investigation revealed deficiencies in customer due diligence, risk controls, and delays in reviewing suspicious transactions, particularly during its rapid growth from 2019 to 2020. DFS Superintendent Adrienne Harris stated that these issues created vulnerabilities for money laundering. As part of the settlement, Block must pay the fine and engage an independent monitor to ensure compliance with regulatory standards moving forward.
PayPoint Teams Up with Uber and Deliveroo to Revolutionize Digital Voucher Services
PayPoint, a UK payment and commerce specialist, has partnered with Uber and Deliveroo to enhance its digital voucher service for retail partners, addressing the rising consumer demand for such solutions. In 2024, 93% of PayPoint retailers processed digital voucher transactions, underscoring their market significance. The collaboration allows customers to purchase digital vouchers for Uber and Deliveroo at various PayPoint locations, ranging from £15 to £150. Benefits include increased spontaneous purchases, customer attraction, and secure transactions for retailers. PayPoint aims to strengthen community ties and boost foot traffic, enhancing both customer engagement and retail offerings.
Plumery and Aequilibrium Join Forces to Revolutionize Digital Banking for Canadian Credit Unions
In response to the shutdown of Central 1’s digital banking services, Canadian credit unions are turning to innovative alternatives through a partnership between Plumery and Aequilibrium. Plumery, a digital banking platform provider, has teamed up with Aequilibrium, a digital transformation expert, to offer secure, scalable solutions for small to mid-sized credit unions. Their collaboration aims to simplify the migration process while ensuring customized user experiences and reduced operational costs. This proactive approach supports credit unions in maintaining continuity and enhancing customer services, highlighting the need for advanced financial technology accessible to smaller institutions.
HubSync Raises Over $100M in Investment from Thoma Bravo to Revolutionize Tax Automation
HubSync, a leader in tax compliance and workflow automation, has secured over $100 million in strategic growth investment from Thoma Bravo. This funding will enhance product development, customer service, and growth in the tax and accounting sector. Founded in 2019, HubSync offers an all-in-one platform that streamlines workflows for CPA firms, resulting in a 744% revenue increase from 2020 to 2024. The company serves over 40% of the top 25 U.S. accounting firms. CEO John McGowan emphasized that the investment will accelerate innovation and expand their industry reach, positioning HubSync as a leader in tax software.
