Revolut and its AML

[KYCbench]

 


Revolut CFO Peter O’Higgins resigned from his position last week and since he stated that resignation reason is rapid grow of the company, which brings it to the global scale and therefore requests “someone who has global retail banking experience at this level”, raised lots of questions as this occurred exactly following a crushing report from the Daily Telegraph.

As each company aims to grow, for any banking or financial institution receiving of proper licensing is a huge milestone, which opens lots of doors for the business. Revolut announced receiving of European banking license in December 2018, which since than brings its customers under the European Deposit Insurance Scheme (EDIS) and gives them access to overdraft facilities, personal loans and many other services, offered by traditional banks. Undergoing such serious licensing procedure means strict compliance with legal and regulatory requirements, therefore accusations in inactivity of the anti-money laundering (AML) system, reported by Daily Telegraph, should have a very serious base.

The report says that accordingly to the documentation seen, the company turned off its AML system, for some time from July to September 2018, due to its tendency for false positives. Nik Storonsky, the Revolut CEO, replied that the company was moving from temporary to “a more advanced sanctions screening system” with no failure to regulatory compliance and confirmed that there were no AML breaches. For this dilemma to be resolved, we can only wait for the reaction form the side of Authorities, which will bring even more attention to Revolut.





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