Revolut: 'Single-shaming' ad firm accused of faking data "Candidates would come in for the head of compliance job and be told that compliance was being run by incompetent people previously, then they would get the job and realise that the problem was the leadership. "It also states that "to the best of Revolut's knowledge there has been no breach of law with respect to sanctions requirements".The BBC understands that the leaked letter is now being looked at by the FCA.On the issue, Revolut wrote to the BBC that: "At no point did Revolut stop checking transactions for sanctions compliance last year.
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Advance your CPD minutes for this content, by signing up and using the CPD Wallet You are not in safe if you use Revolut. Fast-growing digital challenger bank Revolut has seen its Irish-born finance officer resign, as it grapples with claims of money laundering. We are happy to set the record straight.We rely on advertising to help fund our award-winning journalism.We urge you to turn off your ad blocker for The Telegraph website so that you can continue to access our quality content in the future. Eine App für alle Geldangelegenheiten. This website uses cookies to improve your experience while you navigate through the website. The supplier was unable to deliver the goods, so it transferred back the money, leading Revolut to freeze the accounts.After realising it had made an error, Revolut blundered a second time by returning the money to the supplier.Boubli appointed the law firm Collyer Bristow last month after struggling to get answers from Revolut. It is mandatory to procure user consent prior to running these cookies on your website.
Videos, stories and updates. Nikolay Storonsky’s Revolut freezes accounts in money-laundering bungle Digital bank Revolut is being investigated after allegations of money laundering and fraud emerged Founder and CEO of Revolut Nik Storonsky has rejected allegations of negligence relating to the company’s anti-money laundering (AML) software. The latest offers and discount codes from popular brands on Telegraph Voucher Codes Revolut launched an internal investigation in late 2018 after a whistleblower contacted Revolut’s board over serious issues with its sanctions screening system. Such lists contain the names of individuals whose assets have been frozen and include those connected with chemical weapons violations, as well as members of the Islamic State.Revolut said that it did not stop checking transactions for compliance last year.The company's lawyers drafted a letter to the FCA about the change, but in the end the letter was never sent. "During that trial, we experienced an issue whereby a greater number of transactions were being flagged for further checks than necessary, so we decided to pause the trial until this could be rectified. Revolut found a possible money laundering transaction in its payments system a few months ago and the development has resulted in speculation as to what compromised the fintech firm’s defences. Throughout this process our original compliance system was running in parallel. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. These are external links and will open in a new windowThe Financial Conduct Authority has made enquiries into currency transfer firm Revolut after being contacted by a whistleblower, the BBC has learned.The ex-employee told the FCA in 2016 about concerns they had over compliance and the conduct of the firm's chief executive, Nikolay Storonsky.The FCA informed the whistleblower via email that "our investigation is now coming to a close", a year later.Revolut told the BBC this is the first it has heard of the complaint.The financial technology company bills itself as a "digital banking alternative", although it does not have a UK banking licence. So beware! Revolut launched an internal investigation in late 2018 after a whistleblower contacted Revolut's board over serious issues with its sanctions screening system.In a draft letter to the FCA in September 2018 (which was never in fact sent), Revolut's head of legal Tom Hambrett wrote: "The investigation concluded that the original decision to turn off the transaction-halting mechanism was erroneous and implied a remediable systems and controls failing. As a result, thousands of illegal transactions may have passed through the London-based startup’s digital banking system between July and September of 2018. Revolut has since confirmed that the transaction blocking mechanism related only to sanctions checking. Revolut … The company then moved to a compliance system that flagged transactions but did not automatically disable them, Revolut said.The FCA was to be informed of the problems at Revolut after an employee complained to the board about the switch and the fact that it did not automatically block transactions that were flagged as requiring further checks.The company re-activated its sanctions screening system on September 14, Revolut wrote in a draft letter to the FCA.Revolut's draft letter said that it did not believe that it had broken the law during its switch to a different compliance system. Revolut provides currency exchange, current account and crypto-currency services
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