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Revolut CFO resigns following money laundering controversy

techcrunch.com

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Re: Revolut CFO resigns following money laundering controversy

#71

Post by jacknews »

"It follows a report by the bank to the FCA and National Crime Agency last year in which it warned both organisations of suspected money laundering through its app.

The digital bank has suffered a number of departures from its compliance team in the past two years, including two chief risk officers, the chief compliance officer, and two money laundering reporting officers."

I don't believe the Russian CEO could be involved in, complicit in, or just turning a blind eye to, laundering, in any way whatsoever, so clearly this was just a stupid decision entirely on the part of the CFO to turn off the monitors due to their excessive chatter.

Re: Revolut CFO resigns following money laundering controversy

#72

Post by tachion »

sschueller wrote: post #53
wil421 wrote: post #42

Earlier quoted context omitted.

Why would anyone work for a company like this? You startup folk are much better than this! Thankfully this person pushed back. Why would you ever put up with something like this? I would laugh at the recruiter or manager if I was asked to do something like this. It’s akin to that door to door knife company that takes advantage of college kids. There was a wired article in the twitter link you provided. >She did a 30-…

Isn't that illegal in the UK without compensation?

It is completely legal in the UK without any compensation. I saw companies adding clauses in their contract of 'and you agree to work overtime without any pay' by default and claiming 'it is our standard template, no one complained before you' when confronted about it. Once you agree to such contract, they pretty much own your time.

Re: Revolut CFO resigns following money laundering controversy

#73

Post by mr_gibbins »

tachion wrote: post #72
sschueller wrote: post #53

Earlier quoted context omitted.

Isn't that illegal in the UK without compensation?

It is completely legal in the UK without any compensation. I saw companies adding clauses in their contract of 'and you agree to work overtime without any pay' by default and claiming 'it is our standard template, no one complained before you' when confronted about it. Once you agree to such contract, they pretty much own your time.

I've got one of those. The one time it's come up, in relation to out-of-hours support, I made it clear that there are plenty of other jobs. So the arrangement is that I agree to do any overtime that the company requires, free of charge, providing they don't ask me to do any. In the meantime, if there's an emergency I'll do my best. And we get along quite nicely.

Re: Revolut CFO resigns following money laundering controversy

#74

Post by sefrost »

fyfy18 wrote: post #62
sschueller wrote: post #27

I don't like how aggressively Revolut tries to up sell you its premium service. Revolut's metal card seems more like a status symbol and the service seems secondary. Additionally they still have no accounts where I am resulting in IBAN fees. In contrast transferwise may not support "crypto" (Revolut doesn't let you send out or in crypto making it more or less useless) but they are not trying to up sell you and they d…

Revolut, N26 and Monzo all have premium accounts with metal cards which are nothing than a status symbol. The banking industry has been doing this for years though with premium credit cards, so it's nothing new.

I don’t think it’s true that Monzo has a metal card.

Re: Revolut CFO resigns following money laundering controversy

#75

Post by flurdy »

gondo wrote: post #3

also CEO of Revolut: "Why aren’t you working on weekends?" https://twitter.com/phillipcaudell/status/110108122935141580...

Seems a pretty toxic place to work [1]. And toxic recruitment policy of requiring them to acquire 200 customers as part of the recruitment process.

[1] https://www.wired.co.uk/article/revolut-trade-unions-labour-...

Re: Revolut CFO resigns following money laundering controversy

#76

Post by baby »

gondo wrote: post #3

also CEO of Revolut: "Why aren’t you working on weekends?" https://twitter.com/phillipcaudell/status/110108122935141580...

Damn... very disapointing considering how cool their product is. Monzo is better anyway, and the best bank app on the market, and I’ve heard it’s a cool place to work at. Just wish they would be faster to come to the US.

Re: Revolut CFO resigns following money laundering controversy

#78

Post by baby »

sschueller wrote: post #40
gondo wrote: post #3

also CEO of Revolut: "Why aren’t you working on weekends?" https://twitter.com/phillipcaudell/status/110108122935141580...

Wow, don't expect any revolutionary products out of a company with such a hostile working environment. I also completely lost any trust that this company can safely deal with my money and private data securely. Absolutely disgusting.

Their product is pretty revolutionnary. Monzo is way better though.

Re: Revolut CFO resigns following money laundering controversy

#79

Post by leereeves »

wil421 wrote: post #42
gondo wrote: post #3

also CEO of Revolut: "Why aren’t you working on weekends?" https://twitter.com/phillipcaudell/status/110108122935141580...

Why would anyone work for a company like this? You startup folk are much better than this! Thankfully this person pushed back. Why would you ever put up with something like this? I would laugh at the recruiter or manager if I was asked to do something like this. It’s akin to that door to door knife company that takes advantage of college kids. There was a wired article in the twitter link you provided. >She did a 30-…

> “Apologies you're not up to show what you're capable of,” he wrote in the email.

It sounds like Laura showed what's she's capable of: standing up to abusive employers. It's a shame she was the only one.

Re: Revolut CFO resigns following money laundering controversy

#80

Post by Geeek »

keymone wrote: post #58
Geeek wrote: post #19

Earlier quoted context omitted.

...and to comply with the law. The law that was created in response to their unethical behavior.

unfortunately for us, reasonable people, there is no such thing for banks (and businesses in general) as "unethical behavior" when it comes to money. their responsibility is to increase shareholders' (or clients') value. they must comply with the law and often they don't or they devise clever workarounds, abusing judicial loopholes, and sometimes they get caught and then sometimes some scape-goat might end up in jail…

>when it comes to money. their responsibility is to increase shareholders' (or clients') value.

That is not an empirical fact. It's a specific interpretation of how things should be in the world. Some see it that way and other see it differently.

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