Block reaches an agreement in principle with the U.S. Department of Justice over an anti-money laundering investigation, expected to pay $764 million.

on November 4, according to documents filed by Block with the U.S. Securities and Exchange Commission, the company reached a framework agreement with the U.S. Department of Justice in October regarding an anti-money laundering investigation, proposing to resolve related matters through a deferred prosecution agreement.

Under the proposed arrangement, the DOJ will defer prosecution on charges that the company failed to maintain an effective anti-money laundering program as required by the Bank Secrecy Act for three years; if the company fulfills its obligations under the agreement, the DOJ will seek permanent dismissal of the related charges. The agreement is expected to involve a total amount of approximately $964 million, with a net payment of approximately $764 million after deducting prior regulatory settlement amounts.

Block stated that the arrangement still requires the parties to finalize the agreement and obtain court approval; as of September 30, the company has accrued $764 million for this matter.