Saturday, December 21, 2024
13.4 C
Los Angeles

FATF Monitoring: Countries Addressing Strategic Deficiencies

Jurisdictions under Increased Monitoring by the FATF Countries...

Former Peruvian President Alejandro Toledo Sentenced to 20+ Years in Odebrecht Bribery Scandal

Former Peruvian President Alejandro Toledo has been...

Ex-Mexican Security Chief Sentenced for Bribery and Aiding Sinaloa Cartel’s Drug Trafficking

Genaro Garcia Luna, Mexico's former Secretary of...

Goldman Sachs’ Transaction Banking Division Ceases Onboarding Riskier Fintech Clients Amidst Regulatory Concerns

Due DiligenceGoldman Sachs' Transaction Banking Division Ceases Onboarding Riskier Fintech Clients Amidst Regulatory Concerns

A division of Goldman Sachs’ transaction banking business has reportedly stopped signing riskier fintech clients following a warning from the U.S. Federal Reserve earlier this year. The Fed raised concerns about insufficient due diligence and monitoring processes by Goldman Sachs when accepting high-risk non-bank clients. This division of Goldman Sachs provides banking infrastructure to fintech clients, including payment start-ups Stripe and Wise. The transaction banking business is part of the company’s Platform Solutions unit, which also includes credit cards and the fintech unit GreenSky, acquired for $2.2 billion in 2021.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

Check out our other content

Ad


Check out other tags:

Most Popular Articles