Revolut reports evidence of money laundering

In July 2018 the three-year-old payment system Revolut notified the UK's National Crime Agency and the Financial Conduct Authority that it had found evidence of money laundering on its system. From its beginnings as a prepaid credit card operator, Revolut had branched out into small business services and cryptocurrencies. Former employees suggest that although the company recently participated in an industry-wide review of money laundering checks and was in compliance with the EU's PSD2, its automated, high-speed compliance checks leave the platform vulnerable to abuse by sophisticated criminals and that the company's fast growth have made it struggle to remain in compliance. The company has applied for a banking licence in Lithuania.

https://www.ft.com/content/6805af9a-8925-11e8-bf9e-8771d5404543
writer: Martin Arnold
publication: Financial Times