Revolut is reportedly beneath scrutiny from the Monetary Conduct Authority (FCA) after allegedly permitting cash to go away accounts that the Nationwide Crime Company flagged as suspicious.
The UK watchdog is in talks with the fintech concerning the suspected failures, as reported by the Monetary Occasions.
Sources near the state of affairs instructed the FT that as much as £1.7m was launched from the flagged accounts throughout July and August.
Revolut reportedly alerted the FCA of the issue, however claimed solely £500,000 was launched.
This isn’t the primary time Revolut has come beneath the highlight for potential failures concerning its controls towards monetary crime and cash laundering.
Earlier this 12 months a flaw in its funds system reportedly allowed criminals within the US to steal greater than $20m.
The information additionally comes because the fintech continues to await a choice concerning its UK banking licence, having submitted an software again in 2021.
Revolut has additionally been given an extension once more this 12 months on reporting its annual accounts.
The fintech lastly shared its monetary outcomes for 2021 in March of this 12 months, and has been granted an extension on its 2022 outcomes till the top of this 12 months.
Revolut declined to remark.
