The parent company of the popular Cash App digital wallet will pay $80 million for violating regulations against crimes such as money laundering.

Maine and several other states led the effort to force Cash App to make a settlement for violating consumer protection laws.

The agreement is meant to protect the more than 50 million Americans who use the Cash App mobile payment service to spend, send, store, and invest money.

The state regulators, including the Maine Bureau of Consumer Credit Protection, contend the operator of Cash App, Block Inc, is not doing enough to protect consumers against fraud.

“Transmitting funds outside of the banking system, where the Electronic Funds Transfer Act provides consumer protections, is risky for consumers because the systems are not well managed” said  Linda Conti, Superintendent of the Maine Bureau of Consumer Credit Protection. “We hope this settlement sends a strong message to the industry to get their platforms under control.”

Federal law requires financial services firms to perform due diligence on customers, including verifying customer identities, reporting suspicious activity, and applying appropriate controls for high-risk accounts.

Maine and the other state regulators found Block was not in compliance with certain requirements, creating the potential that its services could be used to support money laundering, terrorism financing, or other illegal activities.

In the multistate settlement signed this week, Block agreed to pay a $80 million penalty to the state agencies, hire an independent consultant to review its compliance with federal rules, and submit a report to the states within nine months. Block then will have 12 months to correct any deficiencies found in the review after the report is filed.