...The potential risks of the rapid expansion emerged when the U.K. Financial Conduct Authority said it was looking into allegations raised on Feb. 28 by British newspaper, The Telegraph, that Revolut switched off a key compliance software for three months last summer.
On the same day, tech publication Wired quoted former employees and job applicants recounting burn-out inducing work conditions, bullying managers and potentially illegal hiring practices. Earlier in February, Revolut was caught using phony statistics in an advertising campaign.
...His solution: a pre-paid debit card with no foreign transaction fees.
It was an instant hit and gave him and Revolut co-founder Vlad Yatsenko the momentum to expand quickly into other services: international money transfers, budgeting tools, travel and mobile phone insurance and cryptocurrency trading. Within months it will unveil savings and checking accounts, loans and commission-free stock trading.
...“Unless you solve financial crime and compliance issues through automation, our business won’t scale,” Storonsky said.
Problem is, many important sources of data, such as emails, paper documents, and PDF files, aren't easily vetted by computer programs, ..Making a thorough check is even harder when a potential customer's information is spread across several countries.
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