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<p>Christos Drakos, the Executive Director of Cyprus-based forex broker, ArgusFX, has left the company to join Revolut, a global financial service provider, as the Executive Director for Cyprus.</p><p>Drakos, who has over 10 years of industry experience, announced the new position on Monday on his LinkedIn account. </p><p>The new position is Drakos' third career appointment as the Executive Director of a financial services company operating in Cyprus.</p><p>Before ArgusFX, Drakos was the Executive Director at OvalX's office in Cyprus. </p><p>He worked with the forex and contract for difference broker for a little over three years between January 2019 and January 2022.</p><p>Between 2011 and 2014, Drakos spent career stints at the financial advisory services firm, K. Treppides & Co Limited, the customer relationship management firm, Benissimo and the financial consulting firm, Yiamakis Consultant Limited.</p><p>Regulatory Troubles</p><p>Drakos' appointment comes as Revolut faces pressure from its auditors to enhance its internal controls.</p><p>The Financial Times reports that the UK independent regulator, the Financial Reporting Council has faulted how Revolut's payment process was tested by BDO, a public accounting, tax and advisory firm.</p><p>Meanwhile, the Japanese regulator, Kanto Local Finance Bureau issued a business improvement order against Revolut's subsidiary in Japan last Friday. </p><p>Finance Magnates <a href="https://www.financemagnates.com/fintech/japanese-regulator-orders-local-revolut-unit-to-improve-aml-measures/" target="_blank">reports that</a> the Japanese Financial Services Agency (FSA) observed that Revolut failed to fully establish proper governance for providing funds transfer services in a proper and steady manner.</p><p>The FSA said it conducted an on-site inspection of the company and found "serious problems" in the firm's "control environments for governance, management of outsourced contractors, and money laundering and terrorist financing risk management."</p><p>Revolut's Growth Drive</p><p>In the past few months, Revolut, which is valued at $33 billion, has entered into various partnerships to expand its global business presence. </p><p>In August, Revolut <a href="https://www.financemagnates.com/cryptocurrency/revolut-gains-cysecs-approval-to-offer-cryptocurrency-services/">gained approval</a> from the Cyprus Securities and Exchange Commission to offer cryptocurrency services to European clients including those in Norway. </p><p>This came after the London-headquartered fintech company received in-principle approval from the Monetary Authority of Singapore to offer more than 80 tokens on its platform. </p><p>In June, the service provider <a href="https://www.financemagnates.com/fintech/revolut-collaborates-with-tink-to-ease-money-transfer-in-europe/">announced a partnership</a> with Tink, an open banking platform, to enable its clients across Europe to easily move money into their accounts.</p><p>Ivan Chalov, Revolut's Head of Retail, explained that the partnership sought to introduce the company's open banking services into new markets in a fast and sustainable way.</p><p>Two months ago, Revolut similarly announced a <a href="https://www.financemagnates.com/fintech/news/revolut-collaborates-with-stripe-to-accelerate-international-expansion/">partnership with Stripe</a>, a top financial infrastructure provider. The fintech company said the goal was to leverage Stripe's infrastructure to enter several new markets.</p>

This article was written by Solomon Oladipupo at www.financemagnates.com.