closing an account - privacy policy EU regulations


#1

Hi there,

I just tried out Revolut App. Did not like it and wanted to close the account.

It was not easy!

I did have to wait aprox. 40 Minutes till someone answered the chat. I did inform the person, that I did only test the app. No top-up was made, no Card was sent out.

The support person said (seems like she could only write with text blocks, but no personal answers), Revolut will store my data for 5 years because of money laundering laws.

I can not belive that those laws apply to testing revolut app without making any transactions and without even getting an IBAN - since Revolut is not even a Bank.

Please inform me and the othere users about the legal background about storing personal data after just testing the app for some minutes.

I want my data to be deleted entirely.

Sincerly yours

a german “could have been” customer


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#2

Revolut’s app is the front-end for a financial product. Financial products are provided by financial institutions, and financial institutions are regulated by financial regulators.

Just because you have not topped up your account does not mean that you have not interacted with the product.

Whilst Revolut does not have a banking licence, it is a financial institution, it is regulated and it is authorised under UK’s Financial Conduct Authority under EU’s E-Money Directive.

http://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32009L0110&from=EN

Handelsblatt omitted to write that in their article about Revolut.

https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000002zyAwNAAU

Not a lawyer, but as a financial institution, it will need to comply with all relevant KYC/AML procedures, regardless of where the customer is at in relation to onboarding a customer.

UK’s set of AML rules comes from the EU.

Time to lobby the European Commission if you are displeased with them.

http://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32015L0849&from=EN


Monarch flight booking with card