ECB Curbs Revolut's European Product Expansion Due to Control Deficiencies

The European Central Bank (ECB) has placed increased restrictions on the European arm of fintech Revolut, temporarily curbing its permission to release new products in the European Economic Area. This action stems from concerns over deficiencies in the company's approval processes for new financial products, and Revolut has been ordered to conduct a third-party review of its risk, compliance, and legal functions.