Pan European Regulator: Key Weapon In Money Laundering War?


March 18 2019

Among the latest headlines swirling in FinTech: Digital bank Revolut, based in the United Kingdom, has taken on an adviser, along with filling new positions, to bolster compliance teams at the firm. As had been reported in the Financial Times and elsewhere, the firm had been scrutinized in recent weeks by regulators including the Financial Conduct Authority (FCA) and in Lithuania (Revolut has a banking license in that country).

In an interview with PYMNTS conducted over written exchange, Jane Jee, CEO of Kompli-Global and lead for the Emerging Payments Association’s Project Financial Crime Team, said events in the financial services sector (especially with some firms singled out for money laundering) raise several concerns, among them the question of whether the U.K.’s Financial Conduct Authority “is carrying out a thorough check when it grants licenses — and are its monitoring and enforcement priorities appropriate?”