The challenger bank Revolut has been accused of allowing money laundering through its system in the latest controversy surrounding the business.

The company reported itself to the Financial Conduct Authority after disabling a part of its system which automatically flags suspicious transactions for three months between July and September last year.

As a result of that move, thousands of illegal transaction could have passed through the Revolut.

The problem came to light when a whistleblower contacted the company's board over serious failings in its transaction approval system. The process for dealing with suspicious payments has since be switched back on and updated.

And it emerged today that the company's CFO, Peter O'Higgins, resigned and left the company in January. However, Revolut stressed that his resignation was unconnected to the issues with its system.


It is the latest controversy to hit Revolut in recent months. The London-based startup has received waves of criticism over its hiring practices and working culture. Wired reported that staff turnover is considerably higher than others in the industry, with more than half of former Revolut employees on LinkedIn having left within a year.

Speaking to Wired, one individual who went for an interview in a PR role spoke of how she was expected to recruit 200 new clients to get through that round of interviews.

In February, Revolut was accused of "single-shaming" and inappropriate use of customer data in its Valentine's Day ad campaign. It's advert read: "To the 12,750 who ordered a single takeaway on Valentine's Day - you ok, hun?"

Speaking to the BBC, one commentator said: “It just says they will spy on your spending, so people can laugh at your poor unfortunate single status later on."