UK fintech Stenn collapsed after Russia money laundering case drew scrutiny

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Financial Times 1d ago

UK fintech Stenn collapsed after Russia money laundering case drew scrutiny - Financial Times

Quick Summary:

Karpovsky was also a director and shareholder of another UK fintech business that failed this year after potentially suspicious transactions linked to Russia were uncovered.

The references to them in indictments in that case were a trigger for HSBC to begin a deeper examination of the fintech’s dealings that uncovered potentially suspicious transactions, according to the people.

Before setting up Stenn in 2015, Karpovsky was the founder and chief executive of Eurokommerz, an invoice finance company that fell into insolvency after defaulting on its debt at the end of 2008.