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Revolut investigated for Compliance flaws

Revolut, the first fully digital bank is facing charges for violation of professional obligations and facilitation of money laundering.

As part of the situation the CFO has resigned and a number of agency enforcement measures were taken over staff members and the bank itself.
Following a whistle-blower escalation, the Bank decided to report itself to the FCA and to take measures over daily management.

Revolut is now linked to a number of scandals, including labour related issues (with dramatic turnover), AML investigations, accusations over poor compliance culture, inadequate governance, resource and administrative structuring:
In addition to such issues, Revolut faces marketing related issues after their campaign following Saint Valentine’s day.

Revolut is now linked to a number of scandals, including labour related issues (with dramatic turnover), AML investigations, accusations over poor compliance culture, inadequate governance, resource and administrative structuring:
In addition to such issues, Revolut faces marketing related issues after their campaign following Saint Valentine’s day.

Source

https://www.telegraph.co.uk/technology/2019/02/28/revolut-cfo-resigns-company-faces-compliance-questions/

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.

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