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Revolut boosts compliance, governance ranks amid probes

Revolut Ltd. has made several appointments to strengthen its governance and compliance capabilities amid reports of compliance failings and a fraud probe over a money transfer, the Financial Times reported March 10.

Former Silicon Valley Bank COO Bruce Wallace and Deloitte veteran Caroline Britton have joined the financial technology company as nonexecutive directors. Wallace will chair the digital bank's risk and compliance committee, while Britton will head the company's audit committee, according to the report.

"The decision to make these appointments and executive hires was not made lightly and followed an extensive period of search for the right mix of technical and financial expertise," CEO Nikolay Storonsky said.

The company also hired Standard Life Aberdeen PLC Co-CEO Martin Gilbert as an adviser, the FT said.

The fintech is still looking for a successor to former CFO Peter O'Higgins, following his decision to step down.