Revolut is reportedly in discussions with the Financial Conduct Authority (FCA) over claims it allegedly allowed money to leave accounts flagged by the National Crime Agency as suspicious.
The FCA is in talks with the firm about the suspected failure, the Financial Times reported.
Sources told the paper that nearly £1.7m was released from the accounts, and although Revolut notified the FCA of the issue it reportedly had claimed the release of funds only amounted to £500,000.
The NCA, FCA, and Revolut declined to comment on the report.
The news comes as the bank continues in its struggle to secure a UK banking licence, after handing in the application back in 2021. The bank previously said its UK banking licence was “imminent” back in March.
Last month, Revolut received an extension from Companies House to file its annual results for the second consecutive year.
The fintech’s results had been due in September, nine months after the end of its financial year, but the body granted an extension to file its accounts for 2022 to the end of December.