Revolut recently reported that there might have been money laundering activities on its platform. As a result, the law enforcement agencies in the United Kingdom are trying to detect them.

According to a spokesperson of the bank, a few transactions have been flagged off. The financial conduct authority, as well as National crime agency, have been informed about these transactions.

The spokesperson further added that such reportings of suspected transactions to their respective agencies are pretty normal. However, there were no details on the amount of money which was involved in the transactions.

Since the launch in July 2015, Revolut has managed to get over 2.25 million users. As a result, it is the fastest growing app only bank. Moreover, it is the largest a digital bank as well. This is the reason why it is gaining more and more traction.

As it is an app only bank, many people have raised the question whether it is abiding by all the rules and regulations or not. Currently, Revolut has not yet bagged the banking license. This is one of the main reasons why many people believe that it does not abide by all the rules and regulations. However, it offers most of the services like loans. This is the reason why the growth has been tremendous.

Currently, it is applying for a banking license in Lithuania. Lithuania has been trying to attract more and more Fintech forms. As a result, Revolut is applying for a banking license in the same country.

When customers sign up on Revolut, they get a debit card as well as other money management tools with the help of the application. That is why the app has become quite popular. Moreover, foreign exchange services are also accessible to the customers. In addition to that, buying and selling cryptocurrency is also pretty popular on the application. Due to the number of features which are offered, it has become pretty famous over a period of time. In addition to that, it is possible to spend the money with the help of their debit card which is an added advantage.

The only problem up until now is that there is a limit of £ 25,000 annually on the transactions. That is why the transactions are limited per user on the mobile application. After this limit is crossed, there are additional restrictions on the usage of the app. That is why most of the users are not able to use it freely.

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