Report: Revolut Probed Over Transactions From Suspicious Accounts

England’s financial regulator is reportedly examining whether Revolut permitted transactions involving suspicious accounts.

Revolut is in discussions with the U.K. Financial Conduct Authority (FCA) over failures that allegedly allowed funds to be released from accounts that Britain’s National Crime Agency deemed suspicious, the Financial Times (FT) reported Saturday (Sept. 30).

The FCA, which regulates Revolut’s payments business, is working with the FinTech to look into the failures, which happened between July and August, sources told the FT.

According to the report, two sources said a little over $2 million was released from the suspicious accounts. But another source said Revolut maintains just $609,000 was released.

Both Revolut and the FCA declined to comment when reached by PYMNTS.

This issue is happening amid Revolut’s ongoing — and more than two-year-old — quest to get a banking license in the U.K. A previous FT report noted that the typical turnaround time to get such a license is under a year.

Earlier this year, the company’s CEO said the regional banking crisis in the U.S. had caused the license to be delayed.

“Ultimately, it is not really us, it is generally the banking crisis we see at the moment that makes regulators extra cautious,” Nik Storonsky said in May.

Last month, the company obtained permission to delay filing its 2022 accounts, the second year in a row it has gotten such a delay.

“We have received an extension for the filing of our 2022 accounts. We look forward to announcing our 2022 audit and annual report in due course,” the company said in a statement provided to PYMNTS. “We continue to be pleased with the growth of the business, new products, higher user numbers and volumes, and increased financial metrics that result.”

Revolut’s 2021 accounts were released in March 2023, showing that the auditor, BDO, was unable to independently verify three-quarters of the company’s revenue, amounting to £636 million ($765 million).