The European Central Bank (ECB) temporarily imposed restrictions on the British online bank Revolut regarding the launch of new products last summer. The bank first had to address "shortcomings" in its approval processes, according to the British business newspaper Financial Times, citing anonymous sources.
Revolut, which is currently experiencing strong growth, was required, among other things, to undergo an external audit. The measures are only now coming to light.
The bank’s European operations are supervised by the European Central Bank and the central bank of Lithuania, which granted Revolut a European banking licence in 2018.
According to a source close to the company, Revolut has improved its internal product launch procedures since the summer.
The newspaper was unable to ascertain whether all the imposed restrictions have now been lifted. The ECB declined to comment.
