Digital Banks Are Attracting Grey Economy Actors, Report Finds
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3 Articles
Digital banks are attracting grey economy actors, report finds
Finland’s Tax Administration has warned that digital-only banks are becoming a preferred tool for some participants in the grey economy and organised financial crime, as the number of Finnish customers using foreign-based providers continues to rise. A new report from the agency says most customers use neopanks for legitimate purposes, but weaknesses in customer verification and the international nature of the sector have created opportunities f…
The number of customers of foreign neobanks operating without a branch network in Finland has increased sixfold in four years.
The Tax Administration has investigated banks that operate online without physical branches. Revolut is Europe's largest and fastest-growing neobank.
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