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FCA probes Revolut over red-flag accounts - FT

FCA probes Revolut over red-flag accounts - FT

The Financial Conduct Authority is looking into whether Revolut allowed money to leave accounts flagged as suspicious by the National Crime Agency, according to the Financial Times.

The FCA is talking to Revolut about alleged failure that occurred between July and August and saw as much as £1.7 million released, says the FT, citing two people familiar with the situation.

Revolut told the FCA about the issue recently but says that only £500,000 was released from the suspicious accounts.

The latest brush with regulators comes as Revolut continues its two-year-plus wait for a UK banking licence, with the lengthy process attributed by some to concerns at the FCA over auditing, compliance and corporate culture issues.

Last month it emerged that the company will delay filing its annual accounts for a second consecutive year.

The 2021 accounts were finally filed this March but auditor BDO flagged concerns that it could not verify £477m of revenue, nor vouch for their “completeness or occurrence”, due to the configuration of Revolut's internal IT systems.

Comments: (1)

A Finextra member
A Finextra member 03 October, 2023, 12:11Be the first to give this comment the thumbs up 0 likes

Banks Accounts not being managed well.... Lets hope they are managing their customers bank accounts better.  Some are not clearly being managed at all,  especially the flagged one alluded to above.  I am sure things will get better soon?