Fintech
The ECB is pushing British fintech Revolut to tighten EU banking controls during its review
The European Central Bank is pushing Limited Liability Company to improve financial crime controls and governance at its unit in the bloc, after a review highlighted similar concerns to those that delayed the British fintech’s application for a banking licence in its home market.
The ECB, which earlier this year took over direct oversight of the company’s European Union subsidiary, Revolut Holdings Europe UAB, has conducted a thorough assessment of the unit, people familiar with the matter said. The regulator has already identified several weaknesses in the control environment and is pushing for improvements, they said, asking not to be named when discussing private information.