Robinhood fined US$26m for 'numerous' FINRA rule breaches, including AML

Securities brokerage Robinhood, comprising Robinhood Financial, LLC and Robinhood Securities, LLC, has been ordered, by FINRA, the US broker-dealer regulator, to pay US$26 million for not putting in place and operating reasonable anti-money laundering (AML) programs between January 2017 and November 2021, as well as for a host of other unrelated compliance failings.

Securities brokerage Robinhood, comprising Robinhood Financial, LLC (RHF) and Robinhood Securities, LLC (RHS), has been ordered [1], by FINRA, the US broker-dealer regulator, to pay US$26 million for not putting in place and operating reasonable anti-money laundering (AML) programs between January 2017 and November 2021, as well as for a host of other unrelated compliance failings.