Fintech startup Revolut targets Eastern Europe
Fintech startup decided to focus on the Asian market.
In the past, the most expensive fintech startup was constantly complaining about AML compliance.
So far, a promising neobank remains unprofitable for investors.
The most expensive fintech startup in Europe begins expansion towards the Asian market, but the shadowy past does not leave the company.
“We aim to achieve product parity in these countries by the end of the year. We are accelerating the release our products in this parts of the world and sharply intensified discussions with our product teams in Europe and the UK, ”said Shanahan.
Some consider the reason for the change course scandal surrounding Revolut’s insufficient anti-money laundering efforts.
Anti-money laundering policy
In 2016, an anonymous whistleblower reported to the Financial Conduct Authority and oversight concerns regarding compliance with anti-money laundering regulations.
One former Revolut employee told the BBC that the FCA had come to opinion that Revolut’s suspicious payment identification system is not good enough and that this behavior puts a strain on some banking partners and company employees.
British newspaper The The Daily Telegraph reported pressure on the startup and O’Higgins after Togo, how Revolut was found to have disabled the anti-money laundering system of money between July and September 2018, as it was prone to triggering fake operations.
The Daily Telegraph reporter James Cook said Revolut did not contact FCA to report the bug.
Since mid-March 2020 years, eight top managers left Revolut, although the layoffs are not related to the economic consequences of the coronavirus pandemic, writes AltFi News, citing Financial News.
In Revolut itself stated, that the Financial News article is inaccurate and misleading.
All information, contained in our website, published in good faith and objectivity, and also exclusively with familiarization aim. Reader by yourself carries full responsibility for any actions, committed by him on the basis information, received on our website.