Revolut reportedly in talks with the UK’s FCA over AML failures
Financial super-app Revolut is reportedly in talks with the UK’s Financial Conduct Authority (FCA) over alleged anti-money laundering (AML) failures.
Revolut reportedly in talks with the FCA
According to a report from the Financial Times, the fintech reportedly allowed funds to be released from accounts which were flagged as suspicious by the National Crime Agency (NCA), with as much as £1.7 million going from those accounts between July and August, according to two sources with knowledge of the matter.
One of the sources also tells the FT that Revolut notified the FCA of the recent failure, however, it claims a smaller figure, saying that £500,000 was released from the accounts. The FCA, NCA and Revolut declined to comment on the matter when approached by the FT.
A year of challenges for Revolut
The news is the latest in a string of concerns that have hit Revolut, marking 2023 as a turbulent year for a fintech once deemed as a leading figure in the UK fintech scene. Its current reported failures follow on from organised criminals exploiting discrepancies in Revolut’s US and European payment systems to steal more than $20 million in funds back in July.
Revolut reported its first-ever annual profit back in March, when it published a delayed set of results for 2021. However, according to the later findings of auditor BDO, three-quarters of the fintech’s revenues might have been misstated and could not be verified.
Additional reports from May went on to suggest that the Bank of England was intending to reject its January 2021 licence application over questions relating to the veracity of its accounts and balance sheet.
