The Tigers, who played in the qualifying rounds of the Europa League after finishing as runners-up in the FA Cup final, are among several new clubs who have had formal investigations into their finances opened by UEFA's club financial control body (CFCB).
The clubs involved will have to submit further information to the CFCB but face no immediate sanctions.
In October, Liverpool were one of seven clubs who were absent from European competition last year who had investigations for possible financial fair play (FFP) breaches opened against them.
UEFA's rules dictate that losses must be restricted to £35.4m over a two-year window.
Liverpool joined Monaco, Roma, Besiktas, Inter Milan, Krasnodar and Sporting Lisbon in being subjected to investigations relating to "potential break-even breaches" though the Reds are thought to be confident they will avoid any penalties.
Manchester City and Paris Saint-Germain were the clubs hit hardest by UEFA last season for breaching FFP rules — they were each fined £49m and handed restrictions on transfer spending and a reduction in Champions League squad size.
City announced their financial results for last season earlier this week and are confident they will only have to pay £16m of the £49m fine after cutting their losses.