UK challenger bank Revolut may have violated anti-money laundering rules. A company whistleblower revealed that Revolut turned off a malfunctioning screening system. The company told the Financial Conduct Authority (FCA) of a between July and September "failing" in 2018, during which it did not block suspicious transactions. Revolut told the FCA it disabled its screening system three-month after it made 8,000 "false positive" decisions, and switched to a compliance system which flagged, but did not automatically halt, suspicious transactions.
UK challenger bank Revolut may have violated anti-money laundering rules. A company whistleblower revealed that Revolut turned off a malfunctioning screening system. The company told the Financial Conduct Authority (FCA) of a three-month "failing" in 2018, during which it did not block suspicious transactions. Revolut told the FCA it disabled its screening system between July and September after it made 8,000 "false positive" decisions, and switched to a compliance system which flagged, but did not automatically halt, suspicious transactions.