The Financial Conduct Authority (FCA) is investigating whether Revolut permitted funds to depart from accounts that were flagged as suspicious by the National Crime Agency, as reported by the Financial Times.
The FCA’s inquiry focuses on an alleged incident between July and August, during which as much as £1.7 million was reported to have been released, according to sources familiar with the matter. Revolut, however, has informed the FCA that only £500,000 was withdrawn from these suspicious accounts.
This scrutiny comes as Revolut continues to experience delays in obtaining a UK banking license—a process that has now extended beyond two years. Many speculate that concerns regarding the company’s auditing practices, compliance, and corporate culture may be contributing to this prolonged wait.
In a related development, it was revealed last month that Revolut has once again postponed the filing of its annual accounts for the second consecutive year. The 2021 accounts, which were finally submitted this March, raised red flags when auditor BDO expressed concerns over the inability to verify £477 million in revenue, citing issues related to the company’s internal IT systems.