Block’s proposed agreement with the U.S. Department of Justice would total about $964 million before credits. Its November 3 quarterly filing says the parties reached an agreement in principle in October to address an inquiry into its anti-money-laundering program.

Credits for earlier regulatory resolutions would reduce the net payment to about $764 million. Both figures refer to the proposed agreement; neither represents a payment already made.

The proposed agreement would defer prosecution for three years over an alleged failure to maintain an effective AML program. If Block fulfills its obligations, the DOJ would seek dismissal of the charge.

Payment businesses can review customer checks, transaction monitoring and suspicious activity reporting. These are general AML controls, not confirmed terms of this agreement. A final agreement and court approval are still required.

Check official updates before treating the case as resolved.

Photo: Block CEO Jack Dorsey, JD Lasica, Wikimedia Commons (CC BY 2.0)