Regulators have suspended the issuance of Revolut's license
The issuance of a full banking license for fintech company Revolut in the UK has been postponed. According to sources, the Bank of England and the Prudential Regulation Authority (PRA) have expressed doubts about the adequacy of the company's risk control systems, given its global scale.
Regulatory review and requirements
Revolut has been in a ‘mobilisation phase’ for over a year, which allows the company to accept deposits, but with a limit of £50,000.
Regulators continue to assess the compliance of internal procedures with banking supervision requirements, paying particular attention to:
- AML/CFT (anti-money laundering and counter-terrorist financing) systems;
- cybersecurity and customer data protection;
- capital adequacy.
The Bank of England requires convincing evidence that Revolut's internal control and risk management mechanisms fully comply with banking sector standards.
The company's position
Revolut co-founder Nikolay Storonsky acknowledged that the focus on rapid growth distracted the company from its primary goal of obtaining a banking license. According to him, this has become the main priority for the business at the moment.
Revolut claims that the verification process is in its final stages and calls it one of the most extensive in the history of the British banking sector.
Scale of operations
Today, Revolut serves more than 65 million customers in 40 countries, offering solutions for private and corporate clients, from multi-currency accounts to crypto services and investments.
The company already holds licences in a number of EU countries, but obtaining authorisation in the UK remains a key step for its further development.
An alternative for businesses
While Revolut awaits the regulators' decision, some companies are facing difficulties in opening corporate accounts and making international payments.
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