Financial super-app Revolut is in talks with the UK’s Financial Conduct Authority (FCA) regarding alleged anti-money laundering (AML) failures.
Facts
- Revolut is reportedly in discussions with the FCA over AML shortcomings.
- Funds flagged as suspicious by the National Crime Agency (NCA) were allegedly allowed to be withdrawn by Revolut, totaling up to £1.7 million between July and August.
- One source claims that Revolut notified the FCA about the issue, reporting £500,000 in released funds.
- The FCA, NCA, and Revolut have all declined to comment on the matter.
- 2023 has been a turbulent year for Revolut, with concerns including organized criminal activity in its payment systems, misstated revenues, and questions about the veracity of its accounts and balance sheet.
