Revolut reacts to ‘failings’ reports

Revolut through it’s CEO Nikolay Storonsky has denied that any sanctioned transactions have taken place through the bank due to “failings” in its systems.

Storonsky was reacting to a report from the Daily Telegraph that found that Revolut’s board had launched an internal investigation in 2018 into the “failings” in the bank’s sanction screening system.

The British newspaper added that it had seen documents suggesting that thousands of illegal transactions may have flowed through the bank’s systems between last July and September following a decision to disable the system.

The “failings” involved an automated system, which was used to block suspicious transactions, being turned off for months.

Storonsky, in a statement carried on the Revolut website, also addresses the resignation in January of Peter O’Higgins, the chief financial officer of Revolut.

A resignation that Storonsky denied was linked to Revolut’s compliance enhancement roll-out but based on the requirement that he will be replaced by someone with global retail banking experience as we prepare to apply to become a licensed bank in multiple jurisdictions.