Robinhood’s Crypto Unit Fined $30 Million by Top New York Financial Regulator

The New York State Department of Financial Services has fined online brokerage Robinhood Markets Inc.’s cryptocurrency trading unit $30 million for alleged violations of anti-money laundering regulations. money and cybersecurity, as part of the department’s first crypto enforcement action. Newsletter Sign-Up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news … Read more

FinCEN Seeks Comments on No Action Letter Process – Financial Services

On June 3, 2022, the Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking1 (ANPRM) seeking comments on whether and how FinCEN should implement a No Action Letter process. A no-action letter process, which FinCEN was required to review under the Anti-Money Laundering Act of 2020 (the AML Act), would provide another mechanism … Read more