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A comment on Revolut CFO resigns following money laundering controversy. Parent comment

Re:Revolut CFO resigns following money laundering controversy by ValentineC on Friday March 01, 2019 @12:50PM (#19283426)
They have a European banking licence, but from what I understand, they operate as an "electronic money institution" [1][2] in the UK.

[1] https://blog.revolut.com/how-emoney-companies-are-growing-up...

[2] https://www.fca.org.uk/firms/electronic-money-payment-instit...

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Re:Revolut CFO resigns following money laundering controversy by richardknop on Friday March 01, 2019 @07:29PM (#19286633)
Yes. They only got the EU banking license in December. It will take at least 1-2 years before they become a bank. They will start in Estonia and then passport their banking license to other countries, eventually to UK, too. For now they are still using LLoyds bank account to hold all customer money in UK and are electronic money institution.
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