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Revolut CFO resigns following money laundering controversy

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Re: Revolut CFO resigns following money laundering controversy

#141

Post by gambiting »

jscholes wrote: post #133
ucha wrote: post #123

Earlier quoted context omitted.

Revolut is the only bank I know of that does free fx conversions, it's a huge feature and money saver for people that have bank accounts in different countries and currencies.

> Revolut is the only bank I know of that does free fx conversions, it's a huge feature and money saver for people that have bank accounts in different countries and currencies. Try TransferWise borderless.

Ditto - I use TransferWise every single month and it's been a really good experience so far.

Re: Revolut CFO resigns following money laundering controversy

#142

Post by SolaceQuantum »

ucha wrote: post #131
braythwayt wrote: post #56

I’m looking forward to the coming Theranos/Frye Festival postmortem exposés. With respect to the CFO, My uninformed guess is that he originally argued for compliance, but was bullied into “playing along” with the growth at ALL costs mantra.

That's not going to happen. This schadenfreude is sad and hard to understand. You're comparing companies that were criminal enterprises that produced no value to a real company that has millions of happy and real customers. Their app has a 4.9 rating on the app store...

Given that the top post is someone who is unable to cancel their account, and is now considering sending a GDPR complaint due to their difficulties in canceling service, I would argue this company is swiftly heading into criminal behavior (if not already there with the money laundering)

Re: Revolut CFO resigns following money laundering controversy

#143

Post by whoisjuan »

c16 wrote: post #5

I guess he wasn't hitting his KPIs or working enough weekends.

That tweet with the Slack screenshot, plus a couple of interviews I read, paint the picture of a person who is borderline psychopathic.

Edit: For anyone wondering this is the Slack screenshot about KPIs https://twitter.com/phillipcaudell/status/110108122935141580...

Re: Revolut CFO resigns following money laundering controversy

#144

Post by elliekelly »

Satinel wrote: post #24
braythwayt wrote: post #2

The article summarizes much more original research from the Telegraph: https://www.telegraph.co.uk/technology/2019/02/28/revolut-fa... Alas, that is behind a paywall.

Telegraph article ONE of the UK’s most promising financial technology start-ups has been accused of violating basic banking rules by failing to block thousands of potentially suspicious transactions on its platform. Documents seen by The Daily Telegraph show that for three months last year Revolut switched off an automated system designed to stop dubious money transfers. As a result, thousands of illegal transactions…

> The FCA was only informed of the problems at Revolut after an employee complained to the board about the switch and the fact it did not automatically block suspicious transactions.

Yikes. This makes me think management was being less than truthful with the board. Thats a recipe for a disaster.

Re: Revolut CFO resigns following money laundering controversy

#147

Post by orf »

roymurdock wrote: post #124
orf wrote: post #119

Earlier quoted context omitted.

Sure, but that's one city out of thousands. Revolut is an awesome card for travelling, comissionless exchanges at the interbank rate and is available throughout europe, and it's winning there. Where it counts.

i use transferwise which i trust more to be around in 10 years and not doing anything idiotic with my money and bank account details any company with roots/ties in the cryptocurrency scene is waving a giant red flag to users, as confirmed by the latest money laundering mess revolut is going through

Strange you trust a middleman more than an a actual first-party tier-1 bank (your Revolut UK account is a Lloyds account).

Re: Revolut CFO resigns following money laundering controversy

#149

Post by jscholes »

orf wrote: post #147
roymurdock wrote: post #124

Earlier quoted context omitted.

i use transferwise which i trust more to be around in 10 years and not doing anything idiotic with my money and bank account details any company with roots/ties in the cryptocurrency scene is waving a giant red flag to users, as confirmed by the latest money laundering mess revolut is going through

Strange you trust a middleman more than an a actual first-party tier-1 bank (your Revolut UK account is a Lloyds account).

> Strange you trust a middleman more than an a actual first-party tier-1 bank (your Revolut UK account is a Lloyds account).

No it isn't, the money is just held in a Lloyds or Barclays account. Revolut are not a fully-regulated bank, they're an Electronic Money Institution. The same as TransferWise. If you trust Revolut, you're also trusting a middleman.

Re: Revolut CFO resigns following money laundering controversy

#150

Post by thomasjudge »

ucha wrote: post #131
braythwayt wrote: post #56

I’m looking forward to the coming Theranos/Frye Festival postmortem exposés. With respect to the CFO, My uninformed guess is that he originally argued for compliance, but was bullied into “playing along” with the growth at ALL costs mantra.

That's not going to happen. This schadenfreude is sad and hard to understand. You're comparing companies that were criminal enterprises that produced no value to a real company that has millions of happy and real customers. Their app has a 4.9 rating on the app store...

This kind of exemplifies the classic startup tension between playing by the rules and ignoring the rules for the sake of moving fast, breaking things, and capturing market share. Paul Carr on Uber: " Laws don't exist merely to frustrate the business ambitions of coastal hipsters: They also exist to protect the more vulnerable members of society." https://pando.com/2012/10/24/travis-shrugged/
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