BBC front page this morning…
Leaked sanctions letter
In February, the Telegraph newspaper revealed that in the summer of 2018, Revolut disabled a system designed to automatically halt transactions to individuals who matched against sanctions lists.
Such lists contain the names of individuals whose assets have been frozen and include those connected with chemical weapons violations, as well as members of the Islamic State.
Revolut said that it did not stop checking transactions for compliance last year.
The company’s lawyers drafted a letter to the FCA about the change, but in the end the letter was never sent.
This draft letter was later leaked to journalists.
In the letter, which the BBC has seen, Revolut lawyers stated that the company’s head of compliance technology changed systems so that transactions that potentially matched against sanctions lists were not halted.
Instead the system flagged the transaction for inspection but still allowed it to go through.
Revolut need to be open with us, it’s users, about this potentially damaging news story. It may just be the BBC and press not liking the idea of alternative banking but it puts a doubt in my mind about continuing with Revolut