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Robinhood Crypto hammered by New York watchdog over litany of compliance failures

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finextra.com

Despite self-reporting compliance with the rules, an NYDFS investigation uncovered a litany of failures at the brokerage, as it struggled to keep pace with customer demand for crypto services.

Among other things, the regulator found that RHC’s BSA/AML program was inadequately staffed; failed to timely transition from a manual transaction monitoring system that was inadequate for RHC’s size, customer profiles, and transaction volumes; and did not devote sufficient resources to address risks specific to the business.

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