By Aaron Nicodemus2022-08-02T18:27:00
Robinhood Crypto (RHC) agreed to pay a $30 million fine to the New York State Department of Financial Services (NYDFS) for “significant failures” in its Bank Secrecy Act/anti-money laundering (BSA/AML) and cybersecurity compliance programs.
The NYDFS announced Tuesday that over several years, Robinhood’s BSA/AML program was inadequately staffed; failed to transition from a manual transaction monitoring system unfit for the firm’s size, customer profiles, and transaction volumes; and did not devote sufficient resources to addressing risks unique to the company.
Similarly, Robinhood’s cybersecurity program did not adequately address the risks of a potential breach and was not in full compliance with the NYDFS’s cybersecurity regulations.
2024-01-18T20:54:00Z By Kyle Brasseur
Online stock trading platform and broker-dealer Robinhood Financial agreed to pay a $7.5 million fine as part of a settlement with the Commonwealth of Massachusetts addressing claims related to “gamification” of its platform and cybersecurity issues that lent to a 2021 data breach.
2023-08-10T15:08:00Z By Jeff Dale
Online brokerage Robinhood Markets disclosed in a quarterly filing it is under investigation regarding the quality of its brokerage execution.
2023-05-25T17:16:00Z By Adrianne Appel
Mortgage servicer OneMain Financial Group will pay $4.25 million to settle allegations it left customer information vulnerable to cyberattacks by failing to implement required controls under New York’s cybersecurity law.
2025-08-29T17:48:00Z By Ruth Prickett
The U.K. will start cracking down on companies under the new Failure to Prevent Fraud law on Sept. 1, with the Crown Prosecution Service and Serious Fraud Office ready to enforce it.
2025-08-28T18:44:00Z By Adrianne Appel
The Trump administration has intensified its fight with California as the DOJ launched an investigation into whether the state’s environmental agency is violating federal law by pursuing racial equity.
2025-08-27T14:11:00Z By Adrianne Appel and Oscar Gonzalez
Synapse Financial Technologies, the troubled California fintech software provider, has agreed to let the Consumer Financial Protection Bureau (CFPB) eventually file a claim on its bankrupt estate.
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