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Robinhood’s Crypto Unit Fined for Major Compliance Issues

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

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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