- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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.
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
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.
2025-04-03T13:40:00Z By Adrianne Appel
A Federal Trade Commission case against insulin price gouging has come to a screeching halt after two Democratic commissioners were fired by President Donald Trump.
2025-03-27T13:11:00Z By Jeff Dale
The U.K. Financial Reporting Council issued penalties against PwC and a former auditor over deficiencies on work related to the 2019 financial statements of now shuttered Wyelands Bank.
2025-03-27T12:49:00Z By Aaron Nicodemus
Yet another government contractor has been slapped with a fine by the Department of Justice for applying lax cybersecurity defenses on sensitive government data.
Site powered by Webvision Cloud