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Robinhood's Crypto Unit fined for compliance issues

Robinhood’s Crypto Unit Fined for Major Compliance Issues

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Last week, the New York State Department of Financial Services (“NYDFS”) fined Robinhood’s crypto trading unit $30 million. The crypto retail trading platform failed to implement controls reasonably designed to prevent cybersecurity and money-laundering violations. In addition to the penalty, Robinhood must retain an independent… Read More »Robinhood’s Crypto Unit Fined for Major Compliance Issues

BSA/AML regulatory scope expands

House Amends ENABLERS Act: Adds More Industries Under BSA/AML Scope

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An amended version of the ENABLERS Act (“Establishing New Authorities for Business Laundering and Enabling Risks to Security”), informally known as the “Gatekeepers Amendment” introduced by Rep. Maxine Waters (D-CA), cleared the House on Thursday, July 14, 2022. If passed, the bill would impose anti-money… Read More »House Amends ENABLERS Act: Adds More Industries Under BSA/AML Scope

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