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HSBC Sent Stenn Into Administration Over Fears About Client List

^{Published on 2024-12-13 08:01:02 - bnnbloomberg}
 

• HSBC Holdings Plc triggered the shuttering of trade-finance firm Stenn Technologies after uncovering transactions that were supposed to be with key customers but were potentially bogus instead, people familiar with the matter said.

HSBC Holdings Plc sent Stenn Technologies, a fintech firm, into administration due to concerns over the integrity of its client list. The decision was influenced by HSBC's discovery of potential issues with Stenn's client verification processes, which raised red flags about compliance and risk management. This move highlights the increasing scrutiny financial institutions are placing on their fintech partners to ensure adherence to regulatory standards and mitigate potential risks associated with client onboarding and due diligence.

Read the Full bnnbloomberg Article at:
[ https://www.bnnbloomberg.ca/business/2024/12/13/hsbc-sent-stenn-into-administration-over-fears-about-client-list/ ]

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