Revolut, a London-headquartered challenger bank, will release its delayed financial statement for the fiscal year 2021 in 2023. The bank, which was supposed to release the accounts earlier in September, had deferred the release of the statement to December 31, 2022.

Michael Bodansky, the Head of Corporate Communications at Revolut, confirmed the news, which was first reported by Alt Fi, to Finance Magnates. “Yes, that’s correct – we intend to announce our account in the new year,” Bodansky said.

Previous Revolut Audit Deemed ‘Inadequate’

The latest development comes months after the UK’s accounting regulator, the Financial Reporting Council (FRC), faulted BDO, Revolut’s auditor’s, previous audit of the neobank’s accounts as “inadequate,” according to the Finance Times. As a result, the regulator said, “the risk of an undetected material misstatement was unacceptably high.”

Reacting to the news, Grant Halverson, the CEO and Managing Director of McLean Roche, criticized the move and wondered when the 2022 accounts would be lodged.

Revolut on Security Challenges and Third-Party Risk

Meanwhile, Vladimir Krupnov, a Threat Intelligence Lead at Revolut recently spoke with Finance Magnates on the threats and challenges in cyber security. According to the executive, “third-party risk” is the biggest threat that fintech companies face.

In August, CySEC authorized Revolut to offer crypto services in the country as a digital asset services provider (DASP). Finance Magnates reported that the approval means that the fintech firm can offer cryptocurrencies to European clients, including Norway.

A month later, Revolut hired Christos Drakos, the Executive Director of Cyprus-based forex broker ArgusFX, to lead its Cypriot operations. Drakos, who boasts over 10 years of industry experience, was previously the Executive Director at OvalX’s office in Cyprus.

Source