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

The Business Case for Cybersecurity Performance Management in Financial Services

According to the Verizon Data Breach Investigation Report (DBIR) 2022, data breaches caused by ransomware increased nearly fivefold, from 5% to over 25%. Additionally, the cost of data breaches has increased dramatically in recent years. In 2021, the cost of a data breach rose to $4.24 million on average, an increase of more than 10% … Read more

Payday lender ordered to pay $39 million in embezzlement lawsuit – Financial Services

July 22, 2022 Sheppard Mullin Richter & Hampton To print this article, all you need to do is be registered or log in to On June 29, a Florida court issued a final judgment against a Miami-based payday lender and its CEO, resolving allegations that the defendants misappropriated funds from investors. According … Read more

Asset management chiefs reflect on the four-day week

Senior executives at some of the UK’s biggest fund companies are keen to move to a four-day working week as financial services companies continue to tear up regulations after the Covid pandemic. A survey of 200 senior asset management executives by professional services firm Accenture found 76% would favor working fewer days a week as … Read more

Time is running out for financial services leaders

The objective is ambitious: the government wants to make the United Kingdom the first net zero financial center in the world. In 2023, most major businesses and financial services institutions in the UK will have to start publishing detailed plans on how they intend to achieve net zero, under proposed Treasury rules. These plans should … Read more

How UBS is targeting racial equity in finance

Melinda Hightower and Lynette Jefferson, executives at UBS Global Wealth Management, explain how racial stock investing works. Jefferson will speak at Barron’s ESG+ Impact Summit in New York City on June 22. Photograph by Lauren Perlstein Text size Lynette Jefferson and Melinda Hightower, two executives from UBS Global Wealth Management, come to the same goal … Read more

I found out that a financial advisor can cost $5,000 a year. Is it worth it?

What could a financial planner charge you and is it worth it? Getty Images/iStockphoto A reader wrote to us the other day to make a good point: she wanted us to give people a deeper insight into what a financial advisor might really cost them. Here’s his email, and below we take a look at … Read more

How can financial services improve sustainability in the cloud? And why?

Whether it’s effective customer support, open banking, or business analytics, data is fundamental to today’s financial services industry. But with the growing importance of data comes calls for more sustainable practices globally. While it’s easy to think of airplanes or agriculture when talking about our carbon footprint – because these elements exist physically in the … Read more

Building Bigger and Better Capital Markets – Financial Services

Building bigger and better capital markets Interview with Lorraine Vella, Head of Capital Markets Oversight FinanceMalta contacted Lorraine Vella, the new head of capital markets oversight at the Malta Financial Services Authority (MFSA), to find out more about her new role and the regulator’s ambitious roadmap to take capital markets through Maltese at the next … Read more

APAC Private Wealth Monthly Legal Developments – May 2022 – Financial Services

Welcome to Herbert Smith Freehills monthly updates on the Asian private banking industry. Each month, we survey ten Asian jurisdictions on legal developments regarding trust and estate planning that are of interest to the private wealth management industry, and provide a succinct summary in tabular form. Jurisdictions covered by the update are Hong Kong, Singapore, … Read more