Revolut cover - Revolut CFO resigns following money laundering controversy.
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Revolut CFO resigns following money laundering controversy.

So Revolut, the company which offers banking services confirmed today that embattled CFO Peter O’Higgins has resigned and left the business.

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If you could recall the company have been ubder some serious pressure lately after a Daily Telegraph report revealed that the company ,Revolut, switched off an anti-money laundering system that flags suspect transactions because it was prone to throwing out false positives.

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According to the report, the systems were inactive between July-September of 2018, and that paved way for some illegal transaction across the platform. O’Higgins who joined the company three years ago from JP morgans never mentioned the incident in his resignation statement which reads ” Having been at Revolut for almost three years, I am immensely proud to have taken the company from £1m revenue to £50m revenue during this time. However, as Revolut begins to scale globally and applies to become a bank in multiple jurisdictions, the time has come to pass the reigns over to someone who has global retail banking experience at this level. My time at Revolut has been invaluable and I’m so proud of what myself and the team have achieved. There is no doubt in my mind that Revolut will go on to build one of the largest and most trusted financial institutions in the world.“Former Revolut employees say this high-speed growth has come at a high human cost – with unpaid work, unachievable targets, and high-staff turnover,”.

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The company is headquarted in the U.K. it claims over four million registered users across Europe, and is valued at $1.7 billion although its plans to extend its presence to other parts of the world are taking longer than expected. Although the company said it has plans to lunch in singapore and japan, Revolut is generally considered to be the largest challenger bank in Europe, in terms of valuation and registered users, but other rivals include N26, Monzo and Starling. EvenTransferWise, the global remittance service, now includes border-less banking features and an accompanying debit card.

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