The Financial Conduct Authority (FCA) is reportedly looking into whether Revolut should have allowed transactions from suspicious accounts.
According to the Financial Times, the regulator suspects that the FinTech allowed money to be released from accounts marked as suspicious by the National Crime Agency (NCA).
The newspaper cited two people familiar with the matter who claimed that as much as £1.7 million was released from the accounts between July and August this year.
Revolut informed the FCA about the issue, but said only £500,000 was released, said the newspaper.
FStech has reached out to Revolut and the FCA for comment.
Earlier this year, criminals reportedly stole around $20 million from Revolut, which the FinTech blamed on a flaw in its payment system.
Revolut holds a full banking license in Lithuania and has gained another from the European Central Bank. However, it has failed to obtain a licence from the Bank of England, which it has reportedly blamed on the global banking crisis.
