Robinhood (HOOD.US), the popular "meme stock" brokerage, will pay $45 million to settle SEC charges.

Robinhood Markets (HOOD.US) has agreed to pay $45 million to settle Securities and Exchange Commission charges that it failed to properly maintain records, file trading reports and comply with other requirements, the SEC said Monday.

The regulator found that Robinhood Securities LLC and Robinhood Financial LLC violated many requirements, including accurately reporting trading activity, timely submitting suspicious activity reports, maintaining records and complying with short-selling rules.

Robinhood is the latest brokerage firm to acknowledge violations as employees used instant messaging applications and other "off-channel" communication platforms to retain work-related communications.

The company admitted to the lapses and flawed trading data. The regulator also found that Robinhood failed to adequately address cybersecurity risks. Robinhood's general counsel, Lucas Moskowitz, said the company was glad to resolve the issues.

"We are committed to continuing to lead the industry in developing innovative products and services that our customers want and need," Moskowitz said in a statement. "We look forward to working with the SEC under the new administration."