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FINRA fines Robinhood $26m for over a dozen rules violations

The word "Robinhood" appears as a fake street sign in Manhattan.
Photo: Spencer Platt/Getty Images

Julie DiMauro

2 min read
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Among other things, FINRA alleged that Robinhood failed to establish adequate anti-money-laundering programs or reasonably supervise and retain certain communications.

Online retail broker Robinhood Financial LLC and its clearing affiliate, Robinhood Securities, have agreed to pay $29.75m in penalties for regulatory violations that include a failure to meet anti-money-laundering(AML) requirements, failing to reasonably supervise and retain social media communications, and inadequate supervision of its clearing technology system.

The sanctions,

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