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Robinhood To Pay $15M Fine Following an Anti-Money Laundering Probe

Published 07/13/2021, 10:28 AM
Updated 07/13/2021, 10:30 AM
Robinhood To Pay $15M Fine Following an Anti-Money Laundering Probe

  • Robinhood will pay a $15 million settlement following an anti-money laundering probe.
  • However, this is not the first time the firm gets itself into some trouble.

Robinhood will pay a New York regulator a $15 million settlement following an anti-money laundering probe.

The American financial services company, known for offering commission-free trades of stocks and exchange-traded funds got itself into some trouble.

In the filings with the Securities and Exchange Commission (SEC) on July 1, 2021, Robinhood revealed that they got fines over anti-money laundering and cybersecurity practices.

According to filings with the SEC, Robinhood will have to pay a $15 million penalty. Also, the firm has to pay extra for a monitor who will warrant that the firm adheres to anti-money laundering and cybersecurity systems.

However, this is not the first time Robinhood gets itself into trouble. Last month, the

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