The couple's joint savings were restricted under anti-money-laundering regulations, which legally permit banks to withhold explanations if suspicious activity is flagged. Despite no indications of foul play, the digital bank maintained the freeze for nearly three weeks until outside intervention forced a resolution. Revolut ultimately restored access, apologized for communication lapses during a critical life event, and issued a £175 goodwill gesture.
Key points
Anti-money-laundering rules grant financial firms the legal authority to freeze consumer…: Anti-money-laundering rules grant financial firms the legal authority to freeze consumer funds without prior warning or explanation.
Affected banking customers retain the legal right to challenge unfair operational treatme…: Affected banking customers retain the legal right to challenge unfair operational treatment through the Financial Ombudsman Service.
Regulatory constraints can prohibit financial institutions from explaining the reasons be…: Regulatory constraints can prohibit financial institutions from explaining the reasons behind extended security reviews to affected account holders.
Sources checked by our analysis pipeline: 1
My wife’s Revolut account was frozen in what it calls a “routine security review” over a week ago. Nothing has been requested from her – no documents, the source of funds, or ID – yet, as a result, our house deposit of £37,000 in a joint savings account is also restricted.
We’re approaching the completion of our property purchase and have given notice on our rental home. Direct debits are bouncing and we’re concerned about our credit records.
At one point Revolut also restricted my personal account, so we effectively had no access to any money. We keep being given deadlines for the restrictions to be lifted which are missed, and call centre staff, when we can get through, have little ability to find out what’s happening, or make anything happen.
XWF, Oxfordshire
Banks have legal powers, under anti-money-laundering regulations, to freeze accounts if a sudden windfall, overseas payment or unusual activity raises concerns. They are not required to warn customers or explain if they suspect foul play, although customers can complain to the Financial Ombudsman Service if they believe…
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