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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.

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