NYDFS fines Robinhood’s crypto division $30M over anti-money laundering and cybersecurity-related issues

(Natural News) The New York State Department of Financial Services (NYDFS) has issued a $30 million fine on Robinhood’s crypto division over anti-money laundering and cybersecurity-related issues.
Robinhood, a financial services company that facilitates commission-free trades of stocks, exchange-traded funds and cryptocurrencies via a mobile app, said last year that it will pay NYDFS a $30 million settlement after a 2020 investigation about those issues.
NYDFS, the government branch responsible for regulating financial services and products, alleged that the financial services company’s anti-money laundering and cybersecurity program failed to transition from manual transaction monitoring to a more user-size and transaction-volume-adequate system on a timely basis.