Revolut reportedly in talks with FCA over red-flag accounts
The fintech has allegedly allowed money to leave accounts the National Crime Agency has restricted
Revolut is reportedly under scrutiny from the Financial Conduct Authority (FCA) after allegedly allowing money to leave accounts that the National Crime Agency flagged as suspicious.
The UK watchdog is in talks with the fintech about the suspected failures, as reported by the Financial Times.
Sources close to the situation told the FT that up to £1.7m was released from the flagged accounts across July and August.
Revolut reportedly alerted the FCA of the problem, but claimed only £500,000 was released.
This is not the first time Revolut has come under the spotlight for potential failures regarding its controls against financial crime and money laundering.
Earlier this year a flaw in its payments system reportedly allowed criminals in the US to steal more than $20m.
The news also comes as the fintech continues to await a decision regarding its UK banking licence, having submitted an application back in 2021.
Revolut has also been given an extension again this year on reporting its annual accounts.
Revolut declined to comment.