FOIL Request# 2023-095358 Acknowledgement FOIL-2023-095358-020060 (DFS Investigation Finds Robinhood Crypto Failed to Maintain Effective and Compliant BSA/AML and Cybersecurity Programs)

[Gunnar Larson]

Ms. Verdejo:

Thank you for your email.

Gunnar

Gunnar Larson
xNY.io - Bank.org
917-580-8053


On Wed, Jul 5, 2023, 1:13 PM <Joanne.Verdejo at dfs.ny.gov> wrote:

>
> Dear Gunnar Larson:
>
> I write to acknowledge receipt of the FOIL request that you submitted to
> the New York State Department of Financial Services (DFS) on 06/28/2023,
> which has been assigned the above referenced tracking number. This number
> should be the number that you refer to in all future communications with
> DFS.
>
>
>
> Your request has been referred to the appropriate DFS unit(s) to search
> for the records that are responsive to your request. The assigned unit(s)
> will contact you within 20 business days to (i) advise whether the unit has
> any records that are responsive to your request; (ii) grant or deny your
> request, if the unit has responsive records; or (iii) apprise you of the
> progress of your request, if the search or review of the records that you
> requested is still on-going.
>
> Thank you.
>
>
> New York State Department of Financial Services
>
>
> If you are a New York State resident and would like to register to vote or
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> Tracking Number:FOIL-2023-095358-020060
>

---------- Forwarded message ---------
From: <noreply at its.ny.gov>
Date: Tue, Jun 27, 2023, 6:52 PM
Subject: FOIL Request Confirmation from Open FOIL NY
To: <G at xny.io>


Thank you for submitting your FOIL request through Open FOIL NY.


Here is your Open FOIL NY confirmation information for future reference:

LARSON_DFS_20230627185237536


INFORMATION SUBMITTED:
Records Requested From
Department of Financial Services
Short Title
DFS Investigation Finds Robinhood Crypto Failed to Maintain Effective and
Compliant BSA/AML and Cybersecurity Programs
Description
Dear Madam or Sir: On August 2, 2022 the Superintendent of Financial
Services Adrienne A. Harris announced that Robinhood Crypto, LLC (“RHC”)
would pay a $30 million penalty to New York State for significant failures
in the areas of bank secrecy act/anti-money laundering (“BSA/AML”)
obligations and cybersecurity that resulted in violations of the
Department’s Virtual Currency Regulation (23 NYCRR Part 200), Money
Transmitter Regulation (3 NYCRR Part 417), Transaction Monitoring
Regulation (23 NYCRR Part 504), and Cybersecurity Regulation (23 NYCRR Part
500). xNY.io - Bank.org would like to receive any and all records related
to NY-DFS' investigation of Robinhood Crypto. Including (but not limited
to) records concerning the bespoke Supervisory Agreement Robinhood Crypto
has with the Department of Financial Services mentioned here:
https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202208021.
In addition, xNY.io - Bank.org seeks any and all records concerning New
York's approach to Robinhood Crypto and Goldman Sachs compliance programs
mandated by the United States Department of Justice, Criminal Division,
Fraud Section and Money Laundering and Asset Recovery Section mentioned
here:
https://drive.google.com/file/d/1Yx88RMoeLyyfbNK0RtPl4r-m8N21_1Sp/view?usp=drivesdk.
Finally, xNY.io - Bank.org seeks records concerning New York's regulatory
approval of Robinhood Crypto engaging a fine of $30M to implement
heightened controls and additional procedures and policies relating to
electronic surveillance and investigation, due diligence on transactions or
clients and the use of third-party intermediaries across business units;
and enhancing anti-corruption training for all management and relevant
employees. Warm regards, Gunnar Larson xNY.io - Bank.org 917-580-8053
Uploaded Files
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Department of Financial Services
One State Street
20th Floor
New York, NY 10004
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