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Robinhood Allocated $15M To Settle Security And Anti-Money Laundering Issues with The New York State Department of Financial Services

Mary Liu

Summary: According to the Wall Street Journal, Robinhood has allocated $15 million to settle with the New York State Department of Financial Services (NYDFS) on its cybersecurity and anti-money laundering allegations.  This news was released one week after Robinhood agreed to pay FINRA a huge fine of $70 million, but the document did not provide details ...

According to the Wall Street Journal, Robinhood has allocated $15 million to settle with the New York State Department of Financial Services (NYDFS) on its cybersecurity and anti-money laundering allegations. 

This news was released one week after Robinhood agreed to pay FINRA a huge fine of $70 million, but the document did not provide details about the allegations. 

It only stated that the actions of NYDFS were related to Robinhood's crypto department, and "mainly concerned about anti-money laundering and network security related issues."

Robinhood and NYDFS declined to comment to the Wall Street Journal on this matter.

By Mary Liu

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