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Christos Drakos, the Govt Director of Cyprus-based foreign exchange dealer, ArgusFX, has left the corporate to hitch Revolut, a worldwide monetary service supplier, because the Govt Director for Cyprus.
Drakos, who has over 10 years of business expertise, introduced the brand new place on Monday on his LinkedIn account.
The brand new place is Drakos’ third profession appointment because the Govt Director of a monetary providers firm working in Cyprus.
Earlier than ArgusFX, Drakos was the Govt Director at OvalX’s workplace in Cyprus.
He labored with the foreign exchange and contract for distinction dealer for somewhat over three years between January 2019 and January 2022.
Between 2011 and 2014, Drakos spent profession stints on the monetary advisory providers agency, Okay. Treppides & Co Restricted, the shopper relationship administration agency, Benissimo and the monetary consulting agency, Yiamakis Guide Restricted.
Regulatory Troubles
Drakos’ appointment comes as Revolut faces stress from its auditors to reinforce its inside controls.
The Monetary Occasions studies that the UK unbiased regulator, the Monetary Reporting Council has faulted how Revolut’s cost course of was examined by BDO, a public accounting, tax and advisory agency.
In the meantime, the Japanese regulator, Kanto Native Finance Bureau issued a enterprise enchancment order towards Revolut’s subsidiary in Japan final Friday.
Finance Magnates studies that the Japanese Monetary Companies Company (FSA) noticed that Revolut failed to completely set up correct governance for offering funds switch providers in a correct and regular method.
The FSA stated it performed an on-site inspection of the corporate and located “severe issues” within the agency’s “management environments for governance, administration of outsourced contractors, and cash laundering and terrorist financing threat administration.”
Revolut’s Progress Drive
Previously few months, Revolut, which is valued at $33 billion, has entered into varied partnerships to develop its world enterprise presence.
In August, Revolut gained approval from the Cyprus Securities and Change Fee to supply cryptocurrency providers to European shoppers together with these in Norway.
This got here after the London-headquartered fintech firm obtained in-principle approval from the Financial Authority of Singapore to supply greater than 80 tokens on its platform.
In June, the service supplier introduced a partnership with Tink, an open banking platform, to allow its shoppers throughout Europe to simply transfer cash into their accounts.
Ivan Chalov, Revolut’s Head of Retail, defined that the partnership sought to introduce the corporate’s open banking providers into new markets in a quick and sustainable method.
Two months in the past, Revolut equally introduced a partnership with Stripe, a prime monetary infrastructure supplier. The fintech firm stated the purpose was to leverage Stripe’s infrastructure to enter a number of new markets.
Christos Drakos, the Govt Director of Cyprus-based foreign exchange dealer, ArgusFX, has left the corporate to hitch Revolut, a worldwide monetary service supplier, because the Govt Director for Cyprus.
Drakos, who has over 10 years of business expertise, introduced the brand new place on Monday on his LinkedIn account.
The brand new place is Drakos’ third profession appointment because the Govt Director of a monetary providers firm working in Cyprus.
Earlier than ArgusFX, Drakos was the Govt Director at OvalX’s workplace in Cyprus.
He labored with the foreign exchange and contract for distinction dealer for somewhat over three years between January 2019 and January 2022.
Between 2011 and 2014, Drakos spent profession stints on the monetary advisory providers agency, Okay. Treppides & Co Restricted, the shopper relationship administration agency, Benissimo and the monetary consulting agency, Yiamakis Guide Restricted.
Regulatory Troubles
Drakos’ appointment comes as Revolut faces stress from its auditors to reinforce its inside controls.
The Monetary Occasions studies that the UK unbiased regulator, the Monetary Reporting Council has faulted how Revolut’s cost course of was examined by BDO, a public accounting, tax and advisory agency.
In the meantime, the Japanese regulator, Kanto Native Finance Bureau issued a enterprise enchancment order towards Revolut’s subsidiary in Japan final Friday.
Finance Magnates studies that the Japanese Monetary Companies Company (FSA) noticed that Revolut failed to completely set up correct governance for offering funds switch providers in a correct and regular method.
The FSA stated it performed an on-site inspection of the corporate and located “severe issues” within the agency’s “management environments for governance, administration of outsourced contractors, and cash laundering and terrorist financing threat administration.”
Revolut’s Progress Drive
Previously few months, Revolut, which is valued at $33 billion, has entered into varied partnerships to develop its world enterprise presence.
In August, Revolut gained approval from the Cyprus Securities and Change Fee to supply cryptocurrency providers to European shoppers together with these in Norway.
This got here after the London-headquartered fintech firm obtained in-principle approval from the Financial Authority of Singapore to supply greater than 80 tokens on its platform.
In June, the service supplier introduced a partnership with Tink, an open banking platform, to allow its shoppers throughout Europe to simply transfer cash into their accounts.
Ivan Chalov, Revolut’s Head of Retail, defined that the partnership sought to introduce the corporate’s open banking providers into new markets in a quick and sustainable method.
Two months in the past, Revolut equally introduced a partnership with Stripe, a prime monetary infrastructure supplier. The fintech firm stated the purpose was to leverage Stripe’s infrastructure to enter a number of new markets.
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