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NEWS: Stenn, UK fintech once valued at $900m, collapses after HSBC probes suspicious transactions

Premium December 13, 2024

Greg Karpovsky, the founder and CEO of Stenn

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LATEST: Sarah Paquet, head of Canada’s AML watchdog FINTRAC, steps down

LATEST: UK launches information appeal for 12 fugitives wanted for fraud, money laundering

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NEWS: Federal judge blocks US sanctions against UN expert on Palestinian territories 

BY PAUL O’DONOGHUE, Senior Correspondent

UK FINTECH Stenn, once valued at $900 million, has collapsed into administration following an investigation prompted by a U.S. money laundering case.

HSBC Innovation Bank, a lender to Stenn, applied to London’s High Court last week to place two of the company’s UK units into administration.

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Premium

LATEST: Sarah Paquet, head of Canada’s AML watchdog FINTRAC, steps down

LATEST: UK launches information appeal for 12 fugitives wanted for fraud, money laundering

 Premium

NEWS: Federal judge blocks US sanctions against UN expert on Palestinian territories 

Regulatory Watch News

  • Romania: EPPO investigates €3.5 million fraud involving 237 EU-funded agricultural projects

    European Public Prosecutor's Office

    (Luxembourg, 18 May 2026) – The European Public Prosecutor’s Office (EPPO) in Bucharest (Romania) is leading an investigation into suspected procurement and subsidy fraud involving non-repayable EU funding to support small farms and young farmers. Searches were carried out in Dâmbovița County on 13 May 2026 and one suspect was arrested.

  • FCA and Bank of England set out shared vision for tokenisation in UK wholesale markets

    Bank of England

    UK financial firms can adopt tokenisation and distributed ledger technology (DLT) with greater confidence, as the Financial Conduct Authority (FCA) and the Bank of England set out a shared vision and seek industry views on the future of UK wholesale markets. Tokenisation is the process of creating a digital representation of a real-world asset — such as a share, bond or unit of currency — on a digital ledger. It has the potential to streamline wholesale markets, making everything from issuing securities to managing assets faster and more efficient. Along with greater functionality this could support market efficiency and resilience while lowering costs.

  • Scam alert related to banks

    HKMA

    The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to the press releases issued by the banks listed below relating to fraudulent websites, internet banking login screens, phishing emails or other scams, which have been reported to the HKMA.  Hyperlinks to the press releases are available on the HKMA website.  

           Bank        Type of Scam
    The Bank of East Asia, Limited Fraudulent website and internet banking login screen
    Shanghai Commercial Bank Limited Fraudulent website and internet banking login screen
    Chong Hing Bank Limited Fraudulent website and internet banking login screen
    Bank Julius Baer & Co. Ltd. Fraudulent website
    EFG Bank AG Fraudulent websites and phishing instant messages
     

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