Peter O’Higgins and the U.K. digital banking startup had been under pressure after The Daily Telegraph reported on Thursday that Revolut had turned off an anti-money laundering system that flagged suspicious activity because it was prone to false positives. The system was reportedly turned off between July and September 2018, potentially allowing for illegal transactions. O’Higgins, who joined the company from JPMorgan three years ago, did not mention the allegation in his resignation letter. Revolut CEO Nikolay Storonsky denied the allegations. An article from Wired on Thursday also detailed high staff turnover and internal concerns surrounding the company’s work culture. It included a Slack message from Storonsky which lambasted employees who didn’t work weekends to catch up on targets. (TechCrunch)

Talking point: Fintech companies in the U.K. must comply with the country’s anti-money laundering laws. But the Canadian government is considering going the opposite way—an  ongoing review proposed exempting fintech companies from these regulations to allow the industry to continue to grow and innovate. That’s despite criticism from authorities in the U.S. and Australia—among other allies—about the country’s financial crime regime, and an influx of cases in Vancouver.