Global: FCA Investigates Revolut Over Alleged Money Release from Suspicious Accounts

The Financial Conduct Authority (FCA) is currently conducting an investigation into whether Revolut permitted funds to be withdrawn from accounts flagged as suspicious by the National Crime Agency (NCA), reports the Financial Times.

The alleged incident took place between July and August, during which as much as £1.7 million was reportedly released from these accounts. However, Revolut contends that only £500,000 was withdrawn from the flagged accounts.

Revolut recently informed the FCA about this issue, which has prompted the regulatory scrutiny.

This development adds to Revolut’s ongoing challenges with regulators, as the company has been awaiting a UK banking license for over two years. Delays in the licensing process have been attributed to concerns raised by the FCA related to auditing, compliance, and corporate culture.

Last month, it was revealed that Revolut would postpone filing its annual accounts for a second consecutive year. The 2021 accounts were eventually filed in March, but BDO, the company’s auditor, expressed concerns about verifying £477 million in revenue and the completeness and occurrence of financial data due to the complexity of Revolut’s internal IT systems.