Revolut Responds to Compliance Questions, The Telegraph Issues a Correction Regarding their Claims

Digital challenger bank Revolut has received an apology of sorts as the Telegraph has issued a correction regarding an article where the broadsheet made allegations regarding compliance challenges.

Crowdfund Insider referenced the Telegraph’s report in an article here.

The Telegraph’s correction stated they had “wrongly suggested Revolut had been accused of violating banking rules by switching off part of its anti-money laundering systems.”

A Revolut spokesperson shared the following statement with Crowdfund Insider:

“We would like to clarify that there never was any lapse in our anti-money laundering controls or our sanction screening process. It is also important to note that The Telegraph article erroneously conflates our anti-money laundering systems and our sanctions screening process.”

  • Anti-money laundering – this typically takes the form of “know your client” checks before taking on new customers of the service, for example carrying out identity checks.
  • Sanctions screening – these systems are designed to prevent financial transactions that are prohibited by sanctions rules.

Revolut said that allegations of lax security when it comes to money laundering are “incredibly serious, very damaging to us and completely false.”

 

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