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Revolut attracts UK watchdog scrutiny over red-flag accounts. Fintech allegedly let funds flow from accounts restricted by the National Crime Agency.

3 octombrie 2023

Revolut is in talks with the UK’s financial regulator about failures that allegedly allowed money to be released from accounts flagged by the National Crime Agency as suspicious, in the latest in a series of issues to hit the fintech as it awaits its UK banking licence, according to Financial Times.

The Financial Conduct Authority, which oversees Revolut’s payments business, is engaging with the fintech, with the support of the NCA, over the alleged failures that occurred between July and August, according to two people familiar with the situation.

As much as £1.7mn was released from the flagged accounts, said two people familiar with the situation. Revolut notified the FCA of the latest problem in recent weeks but claims only £500,000 was released, one of the people said.

The NCA can restrict accounts over suspicions of money laundering or illicit finance, in order to allow law enforcement to investigate before further funds can be withdrawn.

Although seemingly simple, this piece of news tells us quite a lot about how things are running at one of the biggest European FinTechs. With ambitions to expand globally across wealth management, crypto & stock trading, business banking, and other fields (aka to become a Super App), Revolut needs to assure regulators it can manage compliance and prevent financial crime.

Effective anti-money laundering controls are therefore crucial. You can no longer focus on growth at all costs and expect that compliance will take care of itself. It’s exactly the opposite as being a bank is all about being compliant. And this FCA investigation yet again suggests Revolut still has lots of work to do in this area, potentially hindering its growth plans. Zooming out, we must yet again note that trust with regulators is key to Revolut’s future success. As of today, it needs to restore that trust even in its home market.” said Linas Beliunas – Country Manager, Europe, and General Manager, Flutterwave Lithuania.

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Anders Olofsson – former Head of Payments Finastra

Banking 4.0 – „how was the experience for you”

So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”

Many more interesting quotes in the video below:


In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale?