New York's Department of Financial Services accused the company of 'Significant Anti-Money-Laundering, Cybersecurity, and Consumer Protection Violations.'
Robinhood failed to maintain effective and compliant cybersecurity programs, violated reporting requirements and improperly certified compliance. The agency found “critical failures,” in the company’s cybersecurity program, which it claims did not fully address “operational risks. In addition to the penalty, Robinhood will have to retain an independent consultant that will perform an evaluation to determine the company’s compliance moving forward.
Responding to Gizmodo’s request for comment, Robinhood’s Associate General Counsel of Litigation and Regulatory Enforcement, Cheryl Crumpton, said the company was “pleased” to make the settlement final.
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