Revolut ordered to tighten AML compliance in Japan

By Alex Davidson (September 5, 2022, 6:53 p.m. BST) – Japanese regulators have ordered the local subsidiary of British fintech company Revolut to face serious problems in its management of money laundering risks and its lack of control over key services managed in part by its London-based parent company.

On Friday, Japan’s finance ministry office for the region, including Tokyo, issued a business improvement order to Revolut Technologies Japan Inc. after the Financial Services Agency found it failed to comply. anti-money laundering and governance requirements.

“The company had not properly implemented a system to perform strict verification at the time of the transaction or …

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