Revolut to deploy BearingPoint regulatory reporting system
Nikolay Storonsky, founder and CEO of Revolut, called the deal an important part of the bank’s attempts to become a global business. “We are proud to be working with BearingPoint as part of this process,” he says.
Abacus360 provides national and international prudential reporting, statistical reporting and granular reporting. BearingPoint claims that more than 1,000 entities use the system, including “a major part of the most important European banks.”
“The increasing complexity of regulatory reporting coupled with high cost pressure poses major challenges for reporting institutions,” says Jürgen Lux, CEO at BearingPoint RegTech.
“We are delighted to support Revolut in meeting these challenges with our comprehensive managed services offering.”
In April, a Revolut whistleblower told the BBC they had contacted the UK’s Financial Conduct Authority (FCA) in 2016 over concerns about Revolut’s anti-money laundering (AML) procedures. They believed that the proper checks were not being applied for certain customers.
Documents seen by the Telegraph in March, disputed by Storonsky, reportedly showed that for three months of 2018 Revolut switched off its sanctions screening system.
“At no point did Revolut stop checking transactions for sanctions compliance,” a Revolut spokesperson said at the time. “Nor was there any failure in our sanctions screening procedures.”
The challenger says that it was running a trial on a new sanctions system, which was temporarily paused. The original compliance system had been running in parallel throughout, it added.
Storonsky wrote a blog post addressing the claims: “We conducted a thorough review of all transactions that were processed during this time,” he said, “which confirmed that there were no breaches.”
Revolut is headquartered in the UK and claims to have more than 7 million registered users, processing $5.5 billion in monthly transaction volume. The company is one of the most high-profile fintech unicorns based in London, alongside Monzo, OakNorth and Transferwise.