ECB Is Pushing UK Fintech Revolut to Bolster EU Bank Controls Amid Review
- Regulator started overseeing Lithuania-based bank this year
- Revolut has been investing in prevention of financial crime
Revolut’s position as one of the country’s largest is the reason why the ECB took over supervision from the Bank of Lithuania at the beginning of this year.
Photographer: Justin Tallis/AFP/Getty ImagesThe European Central Bank is pressing Revolut Ltd. to improve the financial crime controls and governance of its unit in the bloc, after a review flagged concerns similar to those delaying the UK fintech’s bid for a banking license in its home market.
The ECB, which earlier this year assumed direct supervision of the firm’s European Union subsidiary Revolut Holdings Europe UAB, has been carrying out a thorough assessment of the unit, people familiar with the matter said. The regulator has already identified several shortcomings in the control environment and is pushing for improvements, they said, asking not to be named discussing the private information.