Familiar Themes in DFS’s First Enforcement Action Against Virtual Currency Company

Source: New York Law Journal

On August 2nd, the New York State Department of Financial Services announced a consent order with Robinhood Crypto, finding that they failed to maintain proper anti-money laundering and cybersecurity compliance programs, resulting in a $30 million fine and an 18-month review by an independent compliance consultant. In her latest article for the New York Law Journal, “Familiar Themes in DFS’s First Enforcement Action Against Virtual Currency Company,” Karen R. King, Partner of Morvillo Abramowitz Grand Iason & Anello PC discusses how it behooves regulated businesses in this nascent industry to learn from the experiences of traditional financial institutions and to ensure that risk-based compliance programs and transparent regulatory engagement are priorities that run in tandem with their business’s growth.

Full Article: Familiar Themes in DFS’s First Enforcement Action Against Virtual Currency Company

For more information, please feel free to contact the author:

Karen R. King
Partner, Morvillo Abramowitz Grand Iason & Anello PC
565 Fifth Avenue
New York, NY 10017
212.880.9403
kking@maglaw.com