Revolut, the popular digital banking firm, has recently been in hot water with the UK Financial Conduct Authority (FCA) over compliance issues related to money laundering and terrorism financing. The FCA is investigating the company's practices, and Revolut has been forced to freeze accounts, terminate customer relationships, and improve its compliance controls. This incident highlights the challenges that digital banks face when they prioritize growth over compliance and risk management. However, Revolut has taken steps to address these issues and has made significant progress in improving its compliance controls over the past year.
