Register to get unlimited Level 2

Fintech firm Revolut reports suspected money laundering to UK authorities

By Sean Farrell

Date: Tuesday 17 Jul 2018

Fintech firm Revolut reports suspected money laundering to UK authorities

(Sharecast News) - Revolut, the UK's fastest-growing financial technology company, has reported a spate of suspected money laundering to the UK authorities, the Financial Times reported.


By reporting the suspected criminal activity to the National Crime Agency and the Financial Conduct Authority, the company indicated the wrongdoing was serious. The FCA expects to be informed when suspicious activity is particularly bad, the FT said.

Revolut launched three years ago to take on the UK's banks with prepaid cards and payment services. It then diversified into cryptocurrency and small business services.

The FT said Revolut's decision to report the suspicious behaviour showed it took its legal obligations seriously. But employees past and present and other sources raised questions about the company's ability to fight financial crime while growing rapidly. Revolut uses automated compliance checks that let customers open an account in a few seconds.

Nikolay Storonsky, Revolut's Russian co-founder and chief executive, told the FT his checks were more rigorous than those of big banks such as HSBC. A Russian cash withdrawal is rated as high risk while a payment to a UK bank account is low risk, he said.

..

Email this article to a friend

or share it with one of these popular networks:


Top of Page