The Monetary Conduct Authority (FCA) is investigating
Revolut for allegations that it permitted funds to be withdrawn from accounts
that had been flagged as suspicious by the Nationwide Crime Company (NCA). This
transfer by the FCA is a part of its ongoing efforts to make sure the integrity of
monetary establishments and safeguard towards cash laundering actions.
In line with a report by the Monetary Instances, between July
and August, an estimated £1.7 million was launched from accounts that had been
flagged by the NCA. In response, Revolut knowledgeable the FCA in regards to the subject,
although it claims that solely £500,000 was launched from the accounts in query.
Finance Magnates reached out to Revolut for a remark, however as of the time of
publication, the corporate had not supplied a response.
This investigation provides to Revolut’s regulatory challenges
as the corporate continues to await a banking license within the UK that it utilized
for in January 2021. The extended course of has raised questions in regards to the
considerations of the FCA over auditing, compliance , and company tradition inside
Revolut.
Headquartered in London, Revolut operates as a fee
establishment within the UK. In most of Europe, it gives companies beneath a banking
license obtained in Lithuania. Revolut’s Australian arm is contemplating acquiring
an area banking license however has not but initiated the formal utility
course of.
Revolut entered the US market in 2020, providing companies
similar to cash transfers and debit playing cards. Over time, it expanded its choices
to incorporate a robo-advisor for automated funding portfolios. Nonetheless, it
lately determined to discontinue its cryptocurrency companies within the US as a consequence of
regulatory challenges within the nation.
Revolut’s US Banking License Utility
Revolut’s quest for a US banking license continues to face
delays. Two years after the UK-based fintech agency disclosed its plans to submit
a draft utility for a US banking constitution, the corporate has not
but filed the entire utility, as reported by Tech.eu.
Neither the Federal Deposit Insurance coverage Company (FDIC) nor
California’s Division of Monetary Safety and Innovation (DFPI) has
confirmed receiving an utility from Revolut. The Workplace of the Comptroller
of the Forex (OCC), one other US regulatory authority, additionally exhibits no pending
utility from the fintech agency.
In response to inquiries in regards to the standing of their
utility, a spokesperson from Revolut advised Finance
Magnates final month: “We do not touch upon our license
functions.” Beforehand, Revolut had acknowledged that it submitted a draft
utility to each the FDIC and DFPI. In the meantime, Apron, a startup based by former Revolut’s Product Lead, Bogdan Uzbekov, raised $15 million final month.
The Monetary Conduct Authority (FCA) is investigating
Revolut for allegations that it permitted funds to be withdrawn from accounts
that had been flagged as suspicious by the Nationwide Crime Company (NCA). This
transfer by the FCA is a part of its ongoing efforts to make sure the integrity of
monetary establishments and safeguard towards cash laundering actions.
In line with a report by the Monetary Instances, between July
and August, an estimated £1.7 million was launched from accounts that had been
flagged by the NCA. In response, Revolut knowledgeable the FCA in regards to the subject,
although it claims that solely £500,000 was launched from the accounts in query.
Finance Magnates reached out to Revolut for a remark, however as of the time of
publication, the corporate had not supplied a response.
This investigation provides to Revolut’s regulatory challenges
as the corporate continues to await a banking license within the UK that it utilized
for in January 2021. The extended course of has raised questions in regards to the
considerations of the FCA over auditing, compliance , and company tradition inside
Revolut.
Headquartered in London, Revolut operates as a fee
establishment within the UK. In most of Europe, it gives companies beneath a banking
license obtained in Lithuania. Revolut’s Australian arm is contemplating acquiring
an area banking license however has not but initiated the formal utility
course of.
Revolut entered the US market in 2020, providing companies
similar to cash transfers and debit playing cards. Over time, it expanded its choices
to incorporate a robo-advisor for automated funding portfolios. Nonetheless, it
lately determined to discontinue its cryptocurrency companies within the US as a consequence of
regulatory challenges within the nation.
Revolut’s US Banking License Utility
Revolut’s quest for a US banking license continues to face
delays. Two years after the UK-based fintech agency disclosed its plans to submit
a draft utility for a US banking constitution, the corporate has not
but filed the entire utility, as reported by Tech.eu.
Neither the Federal Deposit Insurance coverage Company (FDIC) nor
California’s Division of Monetary Safety and Innovation (DFPI) has
confirmed receiving an utility from Revolut. The Workplace of the Comptroller
of the Forex (OCC), one other US regulatory authority, additionally exhibits no pending
utility from the fintech agency.
In response to inquiries in regards to the standing of their
utility, a spokesperson from Revolut advised Finance
Magnates final month: “We do not touch upon our license
functions.” Beforehand, Revolut had acknowledged that it submitted a draft
utility to each the FDIC and DFPI. In the meantime, Apron, a startup based by former Revolut’s Product Lead, Bogdan Uzbekov, raised $15 million final month.
