How can we make Revolut better

I think this is heavily regulated. I can’t speak for all countries, but it’s like this: companies that have “report duties”, banks, but also realtors for example, must carry out money laundering checks. It’s usually an algorithm that rates all kinds of things. As soon as a company’s compliance department rates an incident as “required to report”, the bank files this to a financial crime unit.

But banks need to acquire additional paperwork first, the compliance department needs to finish its own investigation first. Source of funds checks for example. And this can take time when informations from third parties are requested. And as soon as the bank thinks this might be a case related to money laundering, they are legally bound not to tell the customer why he’s investigated, and access to funds is restricted.

So the only option banks have to speed this up is to speed up the internal investigation. More people. I don’t think “denying suspicious transactions” is an option. To an extend, this is what they’re already doing. Payments are pending, and they’re asking for additional proof of funds before transactions are released. If all those payments would bounce back – I don’t think this would be in any way less aggravating for customers.

IMO, I’d prefer an alleged suspicious transaction to bounce back than have the funds confiscated for an arbitrary amount of time.

I agree that such investigations often take time and resources, which most neo-banks have a lack of.
And since money laundering is mainly a concern for the authorities, the banks should only be required to flag suspicious transactions and provide the authorities with the information necessary to carry out the investigations.

Banks should only have the permission to block/freeze accounts at the request of the relevant authorities.
Banks should not be required to scrutinize customers’ financial activities all over the world, this should be carried out by the relevant authorities.

Well, that’s my opinion. :slightly_smiling_face:

That’s just not the legal and regulatory reality. Your idea about responsibilities is enticing, but the result would be that authorities would get insight into money flows at a dramatically more expansive scope. Right now, banks are screening transactions in real time, and acting fast is critical. Shifting the responsibility to authorities would mean that financial crime units would have to have access to much more data than currently.

(Besides that, another big problem for Fintechs like Revolut isn’t money laundering only, but also KYC concerns like identity theft.)

By having a telephone number we can contact you on so we aren’t ignored for 24 days

It would be nice if the support could change the date of registration with that of the date of completion of the account in the presence of inconsistencies, for example if on the date of registration the user is a minor and on the date of completion is of age, in a system there could not even be a registration of a minor user

It would be nice if you could clear the chat history with assistance by swiping next to the save item and contact the support via email without being a revolut customer

I basically only use Revolut when I am abroad or when I buy things in other currencies than euro.. .