- 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