Revolut finance chief resigns following money laundering concerns

Many users experienced problems with the app this morning.

Revolut's finance chief has resigned following concerns around money laundering. Peter O’Higgins, who joined the online banking app in 2016, stepped down from his position late last month. The Telegraph reports that Revolut had recently launched an investigation into a "failing" in the banking apps’s sanction screening system. This suggested that the company may have allowed thousands of illegal transactions pass through the app undetected over the course of a few months. The company has since denied this claim, saying: "At no point during this time did we fail to meet our legal or regulatory requirements." Revolut users expressed disappointment this morning as the app appeared to be down, with many complaining that they were unable to add money to their accounts or transfer cash to other people. https://twitter.com/20thcenturyboyy/status/1101424260000743425 https://twitter.com/BoalsGoals/status/1101442344669401088 https://twitter.com/AarRogan/status/1101432877710016513 https://twitter.com/MrNeeson/status/1101420465636208640 Revolut have since issued an update apologising for the technical problems, stating that their app features have been restored. They said:

"We're back up and running again! App functionality has been restored and all systems are running smoothly. "Thank you for your patience and continual support and apologies for any inconvenience caused."

Revolut has garnered much attention over recent months, with more and more people opting to transfer their money into the online banking vault. The ability to use the card around the world and transfer money with ease appealed to many users around the country. Revolut has denied that the screening system's "failing" is related to O'Higgins' departure. "Peter has since expressed to me that he has been hurt by this suggestion and sad that his departure has been tainted in this way," said MD Nikolay Storonsky. "In reality, Peter has decided to step down on the basis that he feels that the business will require someone with global retail banking experience as we prepare to apply to become a licensed bank in multiple jurisdictions. "Any suggestion that Peter's resignation is in any way, shape or form connected to this roll-out is utterly false and damaging."