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Revolut CFO resigns following money laundering controversy

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Re: Revolut CFO resigns following money laundering controversy

#161

Post by ucha »

braythwayt wrote: post #135
ucha wrote: post #131

Earlier quoted context omitted.

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...

If you want to cheer for them, carry on. They have already been revealed as a company that flouts employment law and every standard of decency. If you find my attitude towards such an enterprise "sad," well, carry on with that as well. I am not here to cheer for the amoral "It doesn't matter how we get there, as long as the result looks good according to the metrics people use to decide whether to give us money."

That's not at all the point I'm making.

Who said anything about employment law or decency? They simply have nothing in common with a pharmaceutical company that committed fraud and delivered fake medical reports to patients or a festival that scammed hundreds of people out of their money... If anything they could be compared to Uber. We can hate them for how they treat their employees or how they break some laws but they will not end up like Theranos or Fyre festival.

Re: Revolut CFO resigns following money laundering controversy

#162

Post by ucha »

rsync wrote: post #154
jscholes wrote: post #133

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. Try TransferWise borderless.

"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" I am interested in what you mean by "free" - I think you mean that they charge no fee for the currency conversion but what about the conversion rate ? Are you suggesting they give you the current, spot rate with no basis points charged at all ?

Yes.

Re: Revolut CFO resigns following money laundering controversy

#163

Post by hanniabu »

hanniabu wrote: post #110
seibelj wrote: post #95

Money laundering in traditional banking?!?! I thought that only happened in cryptocurrency!

That's just what they want you to think

Not sure why I'm being downvoted. Banks are constantly making statements that cryptocurrencies are bad because they're used for laundering, fraud, and market manipulation, meanwhile the exact same thing has been happening with fiat, usually conducted by banks.

Re: Revolut CFO resigns following money laundering controversy

#165

Post by johnnycab »

robotmay wrote: post #99

I ditched Revolut last year and moved to Starling, pretty much entirely because I was sick of them trying to fucking sell me stuff in a "banking app" (they weren't a registered bank at the time, AFAIK). It became near impossible to actually use their app due to the amount of marketing horseshit being rammed through it, so I left, moved to Starling (which is fantastic) and I'll never go back. In fact Starling has been…

>I ditched Revolut last year and moved to Starling, pretty much entirely because I was sick of them trying to fucking sell me stuff in a "banking app" (they weren't a registered bank at the time, AFAIK)

It is a common mis-conception to assume Revolut and Starling are the same. Revolut and Monzo probably have more in common i.e. they both started out getting crowdfunded as pre-paid cards. Monzo acquired a banking licence and migrated their customers over to their banking product. Revolut only acquired the licence, at the end of last year [1]. It has yet to offer a banking product.

Starling was built from the ground up as a challenger bank.

[1] https://blog.revolut.com/we-got-a-banking-licence/

Re: Revolut CFO resigns following money laundering controversy

#166

Post by lixtra »

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.

They for sure have an independent compliance officer who is responsible towards the FCA. That’s the one to bully, not the CFO.

Re: Revolut CFO resigns following money laundering controversy

#167

Post by braythwayt »

ucha wrote: post #161
braythwayt wrote: post #135

Earlier quoted context omitted.

If you want to cheer for them, carry on. They have already been revealed as a company that flouts employment law and every standard of decency. If you find my attitude towards such an enterprise "sad," well, carry on with that as well. I am not here to cheer for the amoral "It doesn't matter how we get there, as long as the result looks good according to the metrics people use to decide whether to give us money."

That's not at all the point I'm making. Who said anything about employment law or decency? They simply have nothing in common with a pharmaceutical company that committed fraud and delivered fake medical reports to patients or a festival that scammed hundreds of people out of their money... If anything they could be compared to Uber. We can hate them for how they treat their employees or how they break some laws but…

Let's wait and see, shall we?

Re: Revolut CFO resigns following money laundering controversy

#168

Post by lixtra »

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 doesn't let you send out or in crypto making it more or less useless

Do you have a link for that?

Re: Revolut CFO resigns following money laundering controversy

#169

Post by dazc »

baby wrote: post #114
spectramax wrote: post #112

Earlier quoted context omitted.

What are the reasons one should get a banking app? I’ve never heard of Revolut or Monzo.

App only. Everything is free. Budgetting. Security. Traveling. Splitting bill or sending money. The reasons are usually infinite.

Monzo has an emergency web site where you can freeze/unfreeze your card or report stolen. Pretty useful feature if you happen to lose your phone.

Re: Revolut CFO resigns following money laundering controversy

#170

Post by lixtra »

chosenbreed37 wrote: post #129
seibelj wrote: post #95

Money laundering in traditional banking?!?! I thought that only happened in cryptocurrency!

> Money laundering in traditional banking?!?! I thought that only happened in cryptocurrency! From my reading there was no evidence of any money laundering having taken place. But yes money laundering has habitually happened in the traditional banking system. Personally I think the banks get a lot more flack than is warranted. There have been some really obvious cases but criminals are generally are usually one step…

> And as a retail client provided I'm not losing my money I don't mind what other clients they have on their books.

You loose time if you accidentally trip one of their anti laundering wires. And we all know time is money.

Edit: see https://news.ycombinator.com/item?id=19280297

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