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New York's Department of Financial Services fined the parent company of Cash App $40 million Thursday for allowing "significant" anti-money laundering failures to proliferate, leaving the peer-to-peer mobile payment platform vulnerable to illicit finance. DFS alleged in a 21-page consent order that the parent company, Delaware-incorporated Block, failed to "effectively monitor and report" tens of thousands of transactions on Cash App for signs of money laundering, terrorist financing and other financial crimes from 2018 to 2021, and also failed to "implement sufficient risk-based controls." Block obtained a license to transmit money in New York in 2013 and represents one of...