Swedish FinTech Trustly Group is scrapping plans to raise an estimated $950 million in an initial public offering (IPO), following feedback from Sweden’s Financial Supervisory Authority that while it had until now conducted due diligence only on the merchants for which it provided payment services, it should now also check on some end-customers. FinTechs should take note of the increasing regulatory focus on adequate Financial Crime Controls and ensure their due diligence procedures are adequate.
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