Financial Technology

Revolut Ordered To Shape Up AML Compliance In Japan

By Alex Davidson (September 5, 2022, 6:53 PM BST) — Japanese regulators have ordered the local branch of British financial technology company Revolut to deal with serious problems in its money laundering risk management and with its lack of control over key services handled partly by its London-based parent.

The Japanese Ministry of Finance’s bureau for the area including Tokyo issued a business improvement order to Revolut Technologies Japan Inc. on Friday after the Financial Services Agency found that it had failed to comply with anti-money laundering and governance requirements.

“The company did not properly have in place either a system to conduct strict verification at the time of transaction or…

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