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Cash App, a popular mobile payment service, has agreed to settle allegations of non-compliance with financial regulations, according to a recent announcement from the Financial Industry Regulatory Authority (FINRA).

The settlement, which was reached after a FINRA investigation, stems from concerns that Cash App failed to adequately supervise its independent contractor sales force, which marketed and sold its services to customers. FINRA alleged that the company's failure to properly supervise its sales force led to a number of violations of financial regulations, including failures to properly disclose fees and risks associated with the services being offered.

As part of the settlement, Cash App agreed to pay a fine of $200,000 and to implement enhanced compliance procedures to prevent similar violations in the future. The company also agreed to provide FINRA with reports detailing its compliance efforts and to cooperate with any future investigations or examinations.

The settlement is the latest in a series of compliance issues faced by Cash App, which has been the subject of several regulatory investigations and enforcement actions in recent years. In 2020, the company agreed to pay a $1.2 million fine to settle allegations that it had failed to properly disclose fees and risks associated with its services.

Despite the settlement, Cash App remains one of the most popular mobile payment services in the United States, with millions of users and a reputation for ease of use and convenience. The company's settlement with FINRA is a reminder, however, that even the largest and most well-established financial institutions must comply with financial regulations and maintain adequate compliance procedures to prevent violations.